The problem is that the rating agencies' and media's arrogance and competitiveness prevents them from recognizing the limits of their abilities to predict the future.
Highlighting Mr Romney's image problem, a new opinion poll suggests the former Massachusetts governor's favourability rating is the lowest of any major party nominee since Ronald Reagan's presidency.
In September Moody's, a credit-rating agency, estimated that the case-by-case approach had barely made a dent in the problem, with only 1% of adjustable-rate subprime loans recast.