US government loses triple-A credit rating

[justintempler]

Rep. Barney Frank, D-Mass.,, the ranking member on the House Financial Services Committee, said on MSNBC the decision was “just a political judgment by a group of incompetents.”


“This is the rating agency that took money from people who were selling junk bonds and told other people to buy it,” Frank said, accusing S&P of overvaluing private debt while consistently undervaluing public debt.”


They are as responsible for the financial crisis as anybody else.


“There is zero chance of (the United States) defaulting,” Frank said.

Even with the debt deal finished, finally, this weekend still looks to be a long economic-news filled weekend, yet again.

Barney Frank is the incompetent one. He was one of the stars involved in the Community Re-Investment Act that required banks to make loans to people who could not afford them.

It's kind of hard to act responsibly when the government threatens your bank with lawsuits for discrimination if you don't meet some artificial target of loans to minorities regardless of their credit worthiness. No problem we'll just get Fannie and Freddie to underwrite those risky loans.

It's time for Barney Frank to retire.