Bank Downgrades Were `Long Overdue,' Young Says

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June 22 (Bloomberg) -- Derek Young, president of asset allocation at Fidelity Investments, and Tom Essaye, president of Kinsale Trading, talk about the credit rating downgrade of 15 global banks by Moody's Investors Service. Young and Essaye, speaking with Adam Johnson and Stephanie Ruhle on Bloomberg Television's "Lunch Money," also discuss the European debt crisis and the outlook for the U.S. housing market. (Source: Bloomberg)

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