The US congress is investigating the impact made by rating agencies on the crisis. And Buffett was asked to testify because he is the largest shareholder in Moody's Corp.

Everyone (well, the media at least) seems to be acting as if Moody's downgrading the United States would be a bad thing. I feel like I must be missing something.

The establishment of a super-sovereign credit rating agency to reduce dependence on the "big three", or Moody's, Standard & Poor's and Fitch, is taking shape.