Is this the U.S.' Plan to Prevent the Next Wall Street Meltdown?

Saying "credit rating company" is about as exciting for most as saying calculus. But, YOU CARE, about this story. Think of it this way - the US government is thinking that those companies that make their money putting a ranking on investments (and we're specifically talking about the investments that have been at the center of the mortgage mess, credit crisis, pick your heartburn metaphor) should reconsider how they fill out their score card. We linked to a story last week in the Wall Street Journal related to this, and today the WSJ's Scannell and Luchetti have what we think is the story Wall Street is talking about because people there know this matters. You should be too. Read their story because changing the scorecard will either a) help investors better understand the health of the body they are putting their money into, or b) you if agree with the opposition it may slow the market down because change would be "cosmetic" and/or confusing. Either way, this is gonna be a battle going forward. We think the real issue is, just like with accounting firms, the beauty contest. Do you really want the subject of the rating getting a say in who does the rating?