“This one is looney tunes prime time material. Populist champion for the people, Barney Frank who earlier started war on mark-to-market and republicans, has added a new front to his offensive: Moody’s rating agency. The reason: Frank’s displeasure with the possibility that Moody’s will downgrade America’s municipalities as this ‘action will raise interest rates on cities and towns making it more expensive to borrow funds for infrastructure developments.’ As a result Frank threatens to hold a hearing in May to explore ‘the unfair treatment of full faith and credit general obligation bonds.’”
Zero Hedge, Barney Frank Declares War On Moody’s

I’m happy to report that there is a new entrant in Congress’ ignorance competition.

Notes

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