Joe Weisenthal:

Wow. So the typical knock on the ratings agencies is that they’ve been too lenient with ratings, giving every piece of polished trash a AAA-rating. But Barney Frank the powerful Congressman is lashing out at Moody’s for putting all muni bonds on negative outlook . . .
. . . What!? A hearing for issuing a downgrade?
And complaining that the downgrade could increase the cost of borrowing. That’s, like, kinda the point Barney! Municipalities are less creditworthy than they used to be — a combination of profligate spending and vanishing revenue — and lenders would be wise to approach them with a caution.

Incredible. Or at least I wish it were.