On standards & poor, fitch and moody ratings

Lately all business news programs talk about the ratings of S&P, Fitch and Moody, and take them very serious, but they seem to forget the history of these rating bureaus.

These rating bureaus are one of the causes of the current economic crisis, because they approved the bad sub-prime mortgages in the US and gave them a high rating.

And now with Europe in flames, suddenly they are the moral compass that the economy needs? Come now!