SEN. JACK REED DOESN'T GET IT

In discussing his efforts to reform the role and strucuture of the ratings agencies, he made this remark to the NY Times:

“We all understand the outrage,” Mr. Reed said, “but our priority is to prevent this from happening again, rather than looking backwards and punishing.”

The Wall Street culture has to change and that can't be done without looking backward and punishing at least some of the top people who made so much money out of the housing bubble.