Yawn... Only one of the three agencies downgraded. Most likely, entities required by statute to holds only AAA securities will be OK with the other two ratings. If not, they will get a waiver as there is no where else to go for AAA.
Secondly: How do we know why S&P downgraded? Could it possibly be because we have a large block in congress that is willing to put the country into default as we just witnessed?
Lastly, it's sort of weird anyway. We will repay all of our obligations. We control our currency. The risk is inflation for us, not default. Default won't and can't happen. (unless we do it on purpose).
