I Do Not Think "Overlooked" Means What TNR Thinks It Means

TNR:

By this point, everyone knows the rough outlines of the subprime mortgage mess. For much of the past year, we have been told of homebuyers pushed out of houses whose risky mortgages they never should have qualified for in the first place. During that time, bad loans have forced more than 140 mortgage companies out of business. The fallout has spurred shakiness in global markets that has yet to abate.

In assigning blame for this fiasco, most people have focused on the mortgage lenders who took advantage of home- owners and the investors who enabled these lenders by buying up bits and pieces of all the mortgages. But one major source of responsibility for the subprime disaster has, until recently, been largely overlooked: the ratings agencies.

Yeah, I liked this story better when I read it in The Wall Street Journal -- three fucking weeks ago! ("How Ratings Firms' Calls Fueled Subprime Mess")

Come on, TNR. Give me one damn reason to renew my subscription...