Time and again, the traditional agencies' analyses have lacked any foresight, even after the lessons of the subprime mortgage debacle. It's hard to trust companies that have repeatedly gotten it so wrong. A year after S&P downgraded long-term U.S. Treasuries, investors are still buying them up, and little else has changed: Interest rates remain low, and Dow Jones industrials are high. Then, take Greece. In 2009, Moody's said that fears about Greece's financing were "misplaced," according to the New York Times, only to go on to downgrade Greece's debt. We all know the fallout from that.
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