While taking different classes during my mba program, i have come across different views on the wacc rate, and how it should be set. You will recall the basic equation is given by rf +(beta*risk premium).

Further, risk premium is given by rm-rf2. rf2 is defined as the historic risk free rate, in theory independent from short term fluctuations in teh market. The risk premium was pegged at 6%. But firms conveniently add or subtract from rf2, based on their 'judgement calls'. An example is the recent increase in rf2 to 9% in response to the 2008 recession. This number was not based on any historical pattern. In fact, it was arrived upon based on a survey of university professors. This smacks of inconsistency.