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Someone Should Go To Jail For The Trap We Are In

The true free marketeers are in hiding these days, and even those of them in Congress have more or less disguised their reasons for being against the bailout. But James Grant has no reason to hide. Do you want to read an honest appraisal of the trap we are in? And Grant's fear at where we are heading? Grant is the editor of Grant's Interest Rate Observer. This analysis appeared in Sunday's Washington Post.

You will note that in his third paragraph Grant points to the Triple A mortgage-backed securities that weren't actually Triple A. These began to flood the market in 2006. But almost nobody noticed. But, frankly, I did. The guilty parties here are Moody's, S & P (a division of McGraw Hill) and Fitch, a private venture. If you want to know who is most responsible for the present calamity it is these three who vouched for a corrupt market. And someone should go to jail. But not only them.