Mmm...it's both a blip and a serious issue. It's a blip in the fact that I'd say today was mostly an over-reaction to a serious problem (which is possible). For one thing, both Moody and Fitch, the other two credit rating agencies, have left the US credit rating at AAA. While the outlook is not good for the US according to either credit agency, S&P remains the only agency to downgrade the US (and only 1 notch at that). Also, countries aren't going to just give up US debt. They want that money eventually. As long as they can wait, the US will still continue to borrow and spend. Overall, I'd say the worse is to come. Gold will continue to go up while Oil prices go down for the time being. Markets will keep going down as long as fear continues (even though I believe this fear isn't quite warranted yet). The debt should have been dealt with this time around rather than pushed down the road. People need to stop depending on the government to support them and go out to support themselves. The government also needs to stop spending and give the money back to the people. Government programs and action are not going to solve this debt crisis, but only worsen it. Obama, as well as both parties, need to set everything aside, give up a little something, and solve this problem. Until politics and partisanship are cast aside, things are only going to get worse. At best, things will even out until the next debt crisis.
Oh, 2000th post by the way.
