What caused the financial crisis? The Big Lie goes viral – The Washington Post.

…they relied on the credit ratings agencies — Moody’s, S&P and Fitch. They had placed an AAA rating on these junk securities, claiming they were as safe as U.S. Treasurys.

After this display of incompetence, why is anyone paying attention to these agencies anymore? Who cares how they rate the US or Europe financially? They don’t know what they are doing.