SEC to investigate credit rating agencies

Is this really necessary? John McCain believes we have too much regulation and just because the credit agencies propped up Enron, Worldcom and the subprime debt that has been at the center of hundreds of billions of bad business, doesn't mean it's all bad. Win a few, lose a few, right? Sure, if you want to nitpick one could make a pretty strong argument that propping up ratings leads to record failures, recessions, lost retirement savings, lost jobs, ruined lives and a taxpayer bailout but in proper society one doesn't say such things. Not among friends, anyway. If John McCain is OK with less regulation then why not?