After all, it's very true that they played a key role in the great crash, and before that in the post-dotcom Enron/telecoms fraudfest. As Eavis & McLean point out in The Smartest Guys in the Room, the rating agencies were in the best possible position to work out just how much debt Enron had hidden down rabbit holes and in other people's wheely bins - because every time Enron pulled another fancy dan financing, they had the ratings agencies rate the bonds that came out of it.
We rate every deal. It could be structured by cows and we would rate it.
And, strategically, this is always going to be a problem, because unlike all other forms of credit risk assessment, the agencies make their money from the party issuing the debt, so it's always in their interest to be optimistic. (Similarities with this little beauty of a deal are entirely appropriate.) When they are dealing with private clients, that is; if it's Argentina or Britain involved, they just go ahead and shoot. John Quiggin has an excellent post on their failure and their role in pushing PFI in Australia.
But I have my doubts that any such action will change their opinion; in fact, it wouldn't be the aim of such an action. The point would be rather to render their opinion less relevant and alter the conditions under which it is formed. However, I have just ordered the domain name standardispoor.com, and I welcome suggestions for what we might do with it.
More broadly, what worries me is that the Tories will pull some horror out of their back pocket in the financial year 2010-2011, and by the time it's passing through the House, we'll just have started getting angry. This is one of the historical lessons of On Roads; if you really want to stop something, you need to start earlier than you think.
This is why, by the way, projects like FreeOurBills are important. If there's no point protesting about a road project after it gets into the national programme, the answer is to shorten the feedback loop and react quicker. This is much more interesting and important - real citizen technology - than Twittering for Iran, DDOSing low value Russian Web sites, or any of the other manifestations of the fake version.
So this is one of the few good features of open primaries I can think of; they provide an opportunity to put together an organisation early in the game, which is roughly how Obama dunnit. In a parliamentary system, though, this is much less important.
Shouldn't we be getting our lists together now, rather than waiting for the Tories? I agree that this implies giving up on the elections, but then, who wouldn't, and who doesn't suspect that a surviving Labour government wouldn't be just as bad?