A case in point: At the peak of the housing bubble, when home-building stocks were at crazy valuations, most construction industry analysts were bullish.

Spain, which is suffering a steep slowdown as a decade-long housing bubble bursts, has broken the European mold by embarking on a U. S. -style stimulus program.

Critics of the status quo say the 'issuer pay' model led to inflated ratings in the housing boom, particularly of securities backed by mortgages.