And so it begins...

Now the ratings agencies don't want their clients to use the ratings they get!

I am not making this up:

S&P, Moody's & Fitch "are all refusing to allow their ratings to be used in documentation for new bond sales.....Each says it fears being exposed to new legal liability created by the Dodd-Frank financial overhaul law".

Who cares? Well,

This is important because some bonds, notably those that are made up of consumer loans are required by law to include ratings in their official documentation. That means that new bond sales in the $1.4 trillion market for mortgages, autos, student loans and credit cards could effectively shut down.

There have been no new asset backed bonds put on sale this week, in stark contrast to last week, when $3 billion of issues were sold".

Is this a great country or what?