Barney Frank Blames Military Spending for Credit Downgrade

The man almost single-handedly responsible for the collapse of the housing market that led the the recession in 2008 now has the temerity to come out and blames military spending for the S&P credit downgrade. And here I though the Tea Party was to blame?

The senior Democrat on the House Financial Services Committee says the biggest reason the United States is seeing its credit downgraded is that it spends too much money being "the military policemen of the world."

Rep. Barney Frank tells CBS's "The Early Show" that reining in defense spending is "going to be my mantra" for the next few months.

The liberal Massachusetts Democrat says $200 billion could be saved "without in any way endangering our security" by dialing back U.S. military involvement in the world, including operations in Western Europe.

Sure, Barney. Of course he neglects to mention the fact that our debt went up $239 billion in one day last week. Compared to what we waste on entitlements and "affordable housing," our military commitments are a bargain.