The Dow Jones industrial average fell 634 points in the first day of trading since Standard & Poor's downgraded the U.S.'s credit rating last Friday. While investors reacted by dumping stocks,
President Barack Obama defended U.S. credit saying "no matter what some agency may say, we’ve always been and always be a AAA country." Take a look at what others are saying about the downgrade and its impact.
• Get your scorecards out. Politico takes a look at the political blame game over the downgrade.
• The Economist says the downgrade really isn’t about America’s credit rating, but its politics.
• Could the silver-lining to all this economic turmoil be that Congress might be less polarized in coming weeks? The Washington Posts’ Suzy Khimm says don’t count on it.
• Congress wanted ratings agencies to be more aggressive. Daniel Indiviglio from The Atlantic says the S&P downgrade is a case of be careful what you wish for.
• The New York Times’Paul Krugman argues that S&P’s judgment is questionable, but agrees the U.S. faces some big economic problems.
• President Barack Obama's former Chair of the Council of Economic Advisers, Christine Romer, didn’t mince words about the downgrade when she was a guest on Real Time with Bill Maher last Friday.
• Does this crisis mean centrists will finally have their day? William Saletan from Slate says the downgrade is the Revenge of the Middle.
• In theory, a downgrade means that investors should be dumping U.S. Treasuries, but Fox Business News reports that U.S. Treasuries are still popular with investors.
• What does a bad day on Wall Street mean for NYC?
• What does the downgrade mean for you?
