SlateStone Wealth's Kenny Polcari and Key Advisors Wealth Management CEO Eddie Ghabour analyze the state of the economy and whether or not to buy market dips.

I’m as worried about runaway government spending and debt as anyone. But I’ve got to wonder if there possibly could be a more incompetent and biased credit rater than Moody's -- the agency that just downgraded federal bonds from AAA rating.

For context, this is the agency that gave the highest credit ratings to the subprime mortgage-backed securities right of until the eve of the greatest financial crisis since the Great Depression, wiping out trillions of dollars of investor wealth.

The National Bureau of Economic Research issued this useful reminder of Moody's complicity in the meltdown:

"The credit crisis of 2008-9 was in many ways a credit rating crisis. Structured finance products, such as mortgage-backed securities, accounted for over $11 trillion dollars of outstanding U.S. debt... More than half of the securities rated by Moody's carried........

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