Barney Frank makes sense

Here's what he had to say on NPR this morning:

1. Standard & Poors historically has underrated public securities and overrated private securities. The firm overrated the junk bonds that plunged us into the Great Recession. It regularly underrates municipal bonds, though municipalities rarely default. It has now underrated US securities, plunging the stock market back to 2008 levels.

2. Defense spending is a larger part of the federal budget than Medicare. We can save hundreds of billions by getting out of Iraq and Afghanistan ASAP. We should also get out of NATO. The threats are gone; Uncle Sam should be gone. We should no longer be the world's policeman.

Hear the whole interview here:

http://www.npr.org/2011/08/09/139234858/u-s-can-no-longer-afford-to-be-worlds-policemen

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