"Ford Motor Co. is an outstanding recent success story, having just announced solid earnings. They restructured wisely, shedding Jaguar and Volvo, and took no bailout money. But they ran into trouble last week when their auto financing operation tried to issue debt. The rating agencies, fearing Dodd-Frank, refused to let Ford use their AAA rating in the offering prospectus. Many prospective buyers are forbidden from buying debt without this rating. So Ford had to pull the offering.
In financial markets especially, political incentives are swamping market incentives. The voice of the consumer, as transmitted through the price system, grows fainter with each new "reform. (Source: Wall St. Journal July 21st) "
Warren C. Gibson, 7-21-2010, communication via Barstool Economists Yahoo group.