In a desperate attempt to come up with a politically-acceptable scapegoat for the recession, Pam Martens attributes this to Jon Stewart:
For example, the mortgage and debt securities were, in reality, junk bonds but they were traded as triple A.
Wait a second: when the economy was booming, and all of us seemed to be making money, people wanted less accountability and more inflation of value, which includes rating junk bonds highly because their estimated worth is higher.
Now we’re looking for someone to blame. Sorry, Mr. Stewart, but you don’t fool me. The problem runs deeper than a convenient symptom, a conveniently wealthy group to blame it on, and a convenient sidestepping of accountability for their greed, stupidity and inattention by the irresponsible.