This ought to get McMegan and the Reasonoids excited:
Now that the job of implementing the financial reform bill has been handed over to regulators, the financial sector is going to do everything it can to loosen them. Yesterday, the ratings-agency cartel went on strike, refusing to rate bonds — this led to a substantial freeze in trading. While some see this as an economic consequence of the Dodd-Frank bill, that’s not really the case: This is a political maneuver, intended to fight back against new restrictions on business practices, and we had better hope that regulators don’t give in easily.
The ratings agencies, of course, are the
d’Anconia/Rearden-style geniuses who powered our economy to a decade of unprecedented growth idiots who helped cause the financial crisis by giving AAA ratings to subprime-backed crap.