I couldn't resist mentioning this informational gem, courtesy of Robert L. Rodriguez, CFA.
It appears that, while investors, regulators and analysts have been (sheepishly) relying on credit ratings, the very credit agencies issuing these ratings have not had the utmost confidence in them. Case in point: every S&P credit rating report had the following disclaimer:
"Any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision."

Will this (lame) disclaimer get them off the hook as the main sacrificial lamb in the current disaster? I think not.

The same source points out that Warren Buffet, in Berkshire Hathaway's latest annual report, wrote, in what could become a classic Wall Street saying:

"Be fearful when others are greedy, and be greedy when others are fearful."
Amen to that.