More Media Blinders How did the rating firms miss the deal going on at the bankrupt Lehman Brothers or a Bear Stern, Citibank or the dozens of other banks and financial houses who destroyed the nations economy. Have these rating firms every heard of a derivative? With California and now Ohio suing the rating companies it real amazing that there is not more media coverage of what caused the economic melt down Ohio Sues Rating Firms for Losses in Funds
James Madison famously wrote in the Federalist Papers (#51), "If men were angels, no government would be necessary."
We've learned the hard way, most starkly in the Great Depression and now in the Great Recession, that men and women are anything but angels, and that government first and foremost must protect the American people from the unmitigated avarice of the private sector.