Point taken. However, Krugman's comments were a little stronger than what you suggest. He explicitly called for the creation of a housing bubble (see my other response below).

Please don't take the link as a blanket endorsement of libertarianism; it was just the first link that came up as a result of my google search. I remembered reading up on Krugman's predictive failures many months ago ...

Krugman stopped being an economist a long time ago and is now a political hack - regardless of whether or not he has a point in this particular instance. I imagine that you didn't need Krugman to tell you that the raters were issuing ridiculous ratings ...