Moody’s and the Meltdown
2011-08-02 - by
Barney Frank may be more liberal than Harry Reid or Obama combined but he doesn’t mind marching right into the lion’s den at Fox News and taking on any anchorman in sight.
The other day in an interview Neil Cavuto put Frank on the spot, asking if the Democrats’ brinksmanship on the debt ceiling (and not cutting spending more) wasn’t misplaced given Standard and Poor’s and Moody’s were threatening to downgrade our credit rating and everybody knows that would lead to economic Armageddon; without blinking Frank shot back: Well, those same rating agencies told us not long ago all those housing loans and mortgage loan packages were solid investments.
Now whether you agree with Barney Frank’s politics or not he’s got a point: Maybe the Wall Street prognosticators who missed the biggest economic meltdown in history aren’t the best people to be advising us on how to plan our economic future – so maybe next time Wall Street says we have to raise the debt ceiling $2.5 trillion or the world will end someone should ask: Well, exactly how good is Moody’s track record?
Moody’s and the Meltdown
2011-08-02/
Barney Frank may be more liberal than Harry Reid or Obama combined but he doesn’t mind marching right into the lion’s den at Fox News and taking on any anchorman in sight.
The other day in an interview Neil Cavuto put Frank on the spot, asking if the Democrats’ brinksmanship on the debt ceiling (and not cutting spending more) wasn’t misplaced given Standard and Poor’s and Moody’s were threatening to downgrade our credit rating and everybody knows that would lead to economic Armageddon; without blinking Frank shot back: Well, those same rating agencies told us not long ago all those housing loans and mortgage loan packages were solid investments.
Now whether you agree with Barney Frank’s politics or not he’s got a point: Maybe the Wall Street prognosticators who missed the biggest economic meltdown in history aren’t the best people to be advising us on how to plan our economic future – so maybe next time Wall Street says we have to raise the debt ceiling $2.5 trillion or the world will end someone should ask: Well, exactly how good is Moody’s track record?