Barney Frank on Rachel Maddow, slashing S&P's rep with a razor

[Poll_Blind]

Both barrels!

Mainly, he's saying that S&P's has consistently:
:redbox: Overvalued private debt
:redbox: Undervalued public debt.

Says their reputation is in "shreds", calls their ratings "junk"! Further, calls them a "group of incompetents!"

Actually pleads with Rachel's audience to pay no attention to S&P's..."No one has been more wrong than them."

He's also saying the downgrade should only be made if there is a real reason to believe we will default, which we obviously will not.

The dude is so torn up about this shit you can hear him huffing and puffing on the other end of the phone!


PB

[TomClash]

1. I you have S&P stock

Sell.

[Peacetrain]

2. listening to him now on Rachael..

[malaise]

3. overvalue private debt and undervalue public debt

That's the shock doctrine alright.
Thank John Boehner and his ReTHUG

[WillyT]

4. Yeah... I Was Wondering Why Rachel's Director Wasn't Turning The Volume Down On His Phone...

Then I realized... this is great audio...

He WAS pissed, and he WAS huffing and puffing...

:shrug:

:hi:

:kick: & Rec!!!

[Poll_Blind]

5. Yeah, he was pretty raw. And I thought that was good, and a great thing to witness.

PB

[Lex]

6. I trust Barney Frank's opinion

and I hope he's right.

[frazzled]

7. Gee, you don't think they did this for POLITICAL reasons, do you?

The Republicans were all hot and bothered to let the country default and wreck the credit rating (their number one job, as they've stated, is to make sure Obama is not reelected, and the worse things look economically the better chance they have of achieving their goal). Well, they couldn't quite go for the full default in the end, but their buds at S&P (the same ones who gave great ratings to all those failed banks and mortgage default swaps) carried through on their promise anyway.

This has nothing to do with reality, folks.