The market took a real hit today due in large part to the decision of Standard Poor's to lower its rating on the US's long-term debt credit rating. As a result everyone flipped out into a huge tissy panic and the dow just plummeted.
And the whole reason S&P gave for the change has to do with all the stupid political bickering and BS all those people keep on the hill keep carrying on with and how it just seems to be happening at the expense of the economy. Nikola Swaan, an analysit with S&P credit, was quoted, "The outlook reflects our view of the increased risk that the political negotiations over when and how to address both the medium- and long-term fiscal challenges will persist until at least after national elections in 2012."
On the bright side it should be said that the US maintained it's 'AAA/A-1+' for sovereign debt. It is just the long-term debt rating that was lowered from 'stable' to 'negative.' The UK, also a AAA, had the same thing happen in 2009 and was able to get it restored. However this only happened after their government had agreed upon and begun to implement an austerity plan to reduce the country's deficit.
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