By Erik Wasson
Liberal firebrand Rep. Dennis Kucinich (D-Ohio) told ratings agency Standard & Poor's to butt out of the nation's deficit conversation on Tuesday in a press release titled "Kucinich Downgrades Rating of Standard & Poor’s."
“No nation, agency or organization has the authority to dictate terms to the United States Government,” said Kucinich.
The S&P on Monday revised its outlook on U.S. government bonds, which enjoy the highest AAA rating, from "stable" to "negative." It said it worried Democrats and Republicans will be unable to agree on a deficit-cutting package before the 2012 election. The outlook revisions indicates the S&P may downgrade the rating on U.S. bonds within the next two years if the debt is not reined in.
Kucinch argued Tuesday that S&P along with other credit agencies were negligent in assessing the risks of investments prior to the 2008 financial crash, so they should not be taken seriously now.
“S&P and its compatriot Moody’s were a direct cause of the near collapse of the economy of the United States. That industry should be subject to greater oversight, regulation and fundamental overhaul as Washington gets serious about the deficit,” he said.
Rather than being "held hostage" by Wall Street, the U.S. should immediately end wars in Iraq and Afghanistan and military action in Libya, as well as impose more taxes on the wealthy, he said.
"We need to reform our monetary policy which allows unaccountable banks and agencies to exercise inexcusable amounts of power over our economy," he added.