Irreverent Economics

Now that Greece got downgraded to junk,  the European Commission  responds

We have seen developments in the markets that raise some doubts about behaviors of some of the players

discussing the S&P. There is some truth in what they say

Why should these people be right now when they were wrong then?

talking about subprime. but the rating agencies usually get blamed for being too optimistic, like with all the CDOs and earlier with Asian government debt prior to the Asian crisis.

Here, the EU is shooting the messenger, after all this is a mess of its own creation not international capital markets.

But the world is now strange, now I am defending the rating agencies, the enablers of the CDO bubble. Guess the EU will do that to a person