Wednesday, April 08, 2009

Maybe Congress should not even convene in times of national emergency

I mean, they are creating the national emergency:
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."

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