So, let me get this straight..

We went thru all that hassle, all that Kabuki crap to get the Debt Ceiling raised to prevent a downgrade..

And we STILL get downgraded??

So much for No Drama Obama, eh?? :^/

Michale.....

Looks like my instinct was pretty good after all. From CNN.

The lead:
S&P told White House it would downgrade U.S. – official
By: CNN Chief National Correspondent John King

NEW YORK (CNNMoney) - The Standard & Poor's rating agency served the Obama administration with notice Friday afternoon that it planned to downgrade the U.S. government's AAA credit rating, an administration official told CNN.

But S&P has yet to make its ruling public, and the source told CNN the agency is reconsidering after the administration challenged S&P's analysis of the government's finances.

Italics are mine. I suppose that's a mutually acceptable term for "threatened."

Why? Yesterday Bloomberg reported this:

Money market rates, which surged during the debate to raise the federal borrowing cap, dropped below zero percent as Europe’s sovereign-debt crisis bolstered U.S. government securities’ appeal as the world’s safest assets.

The European system is in very bad shape, and some countries, e.g. Denmark, are saying they will not support their illiquid banks on the backs of taxpayers. If capital flees Europe, where dey gonna run to?

So the market effect of downgrade would be more than mitigated by other events, and the political fallout minimized by Congress not really paying attention. So: if it were me, today would look like a perfect opportunity.

All you had to say was "Volvo"... :D

J/K :D

Michale....