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Late last week, the credit rating agency Standard and Poor's downgraded nine countries in the European Union. Being downgraded is akin to being judged and found wanting ... and the countries in question were none too happy about it.
But who are these credit rating agencies, and who's rating their work? After all, aren't they the same bunch that missed the warning signs for the near economic apocalypse of late 2008?
Doug Henwood has some thoughts. He has been the editor and publisher of the Left Business Observer for more than 25 years, and the author most recently of After the New Economy.
Click on the play button to listen to the recording:
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