Standard and Poor’s, who was completely absent and pitifully incompetent in adjusting its ratings prior to the subprime meltdown has made the bold prediction that write downs of subprime securities may be near.  Why anyone should put any credence into what this near worthless ratings agency has to say is beyond me.  S&P has already had to bump up their forecast of total subprime write downs by nearly 10% since it called it a $285 billion loss two months ago.  But, hey, if they’re right, thanks S&P you truly are world class!