Comment Re:non regulation -- good or bad? (Score 2, Insightful) 564
Most of these "piles" or badly aggregated random assortments of loans of questionable value should have been rated as rather risky - like a BBB bond. Instead, the rating companies were completely irresponsibly rating 80% of the bonds at AAA or "investment grade".
That sounds to me like something to which the word "fraud" would apply. And it should have been treated as such, not with some omnibus bill full of crap like "individuals purchasing gold must be reported to the government" that congress (aka "the opposite of progress") voted for recently.