George Will: We’ve Learned Nothing From Standard & Poor’s

Washington Post columnist and ABC News commentator George Will became one of the first high-profile conservatives to publicly call into question the validity of Standard & Poor's in the wake of the U.S. triple-A downgrade. White House and Treasury officials have accused S&P of making a $2 trillion error and misreading basic data in cutting the rating of the world's largest economy to AA+ from triple-A. Other liberal commentators have dismissed S&P's judgement all together based off the rating agency's part in the 2008 mortgage meltdown. On this morning's "This Week,"  Will sounded a lot more like Warren Buffet and Rep. Barney Frank than Sen. John McCain:

"Standard and Poor would have forfeited it’s good reputation, if it had a good reputation to forfeit these days. It having missed the entire mortgage-backed securities problem right under it’s nose. If you read what they actually said it's a kind of half-baked political analysis criticizing the American system of government and how it works now. They’re entitled to their opinion on our politics, but their opinion isn’t entitled to any particular respect."

(H/T: Mediate)