In Which I Agree With Barney Frank.

It doesn't happen very often. Mr. Frank is someone that I generally hold in low regard. But from time-to-time, he is right. A stopped clock and all that.

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."

...

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.

Anyone that has taken a serious look at our spending issues will tell you that are defense spending is going to need to be cut to some extent. A much smaller force is really needed to "guard" Europe. There are other obvious cuts to be made as well.

The problem with Mr. Frank is that he is attempting to divert attention from the larger problem of ever expanding social spending. We are currently experiencing deficits to the tune of $1.4 trillion annually with future projected deficits to dip briefly towards $1 trillion before expanding ever upwards. That trend is being driven by Social Security and Medicare.

While $200 billion in spending cuts is a good start, where does Mr. Frank plan on finding the other $1.2 trillion? I have a few suggestions that would "break the mold" as well.

Barney Frank - Then And Now

When....ahem....Republican.....President George W. Bush wanted to overhaul the mortgage lending industry, Mr. Frank stood solidly opposed.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

 Now that the damage has been done, he sings a different tune.

“Low-income home ownership has been a mistake, and I have been a consistent critic of it,’’ said Frank, 70. Republicans, he said, were principally responsible for failing to reform Fannie Mae and Freddie Mac, the mortgage giants the government seized in September 2008.

Emphasis added.

Tar and feathers are too good for him.  Links to the respective stories may be found here.