The Wall Street Journal explains how federal and state regulations block competition with the rating agencies that fueled the mortgage crisis by giving ridiculously rosey ratings to junky mortgage-backed securities.  Thanks to such regulations, they can do their job badly without paying much of a price.  It’s the public and investors who take the hit instead.  I earlier wrote about the bond-rating scams and how they have ripped off the public here, here, here, and here.