How to pass the time as the markets swing to and fro

The capital markets can't seem to figure out where they want to go today. So rather than talk about every little intraday swing to and fro, I figured I'd just direct you to some light reading to pass the time ...

First, the SEC just released its "Summary Report of Issues Identified in the Commission Staff’s Examinations of Select Credit Rating Agencies." This is the report on the role the Nationally Recognized Statistical Rating Organizations (Moody's, S&P, Fitch) played in the mortgage securitization debacle. It's a hefty 39-page PDF document, so make sure you have time to thumb through it.

Still not bored enoug ... er ... still hungry for more reading material? Then you can read the recent report from the think tank Demos, entitled "Beyond the Mortgage Meltdown: Addressing the Current Crisis, Avoiding a Future Catastrophe." It doesn't cover a lot of new ground, but it does cover the causes of the crisis and discusses some potential fixes. Enjoy.