THIS UPCOMING FAIL BROUGHT TO YOU BY THE DEMS

You may recall that the credit ratings agencies (S&P, Moody's, Fitch) gave AAA ratings to junk and that helped create the housing bubble. Neither the House nor the Senate bill are cracking down on these thieves. All each one offers is this pablum:

Both bills would require a measure of certification that due diligence had been done by someone, but neither would dictate who'd pay for it.

Let's recall that the due diligence companies were also in a race to the bottom:

All over the mortgage world in 2003-2006 there were credit analysts being backed into corners by furious salespeople and traders and everyone else whose visions of the deep end of the bonus pool were evaporating when the credit people wouldn't race to the bottom on due diligence levels.