Salon: Why the Tea Party-friendly Republicans of the U.S. House own this epic humiliation

S&P to the U.S: Your credit is no good

"On Friday night, after a swirl of rumors and conflicting news reports that will be grist for the Washington pundit mill for years to come, Standard & Poor's downgraded the credit rating of the United States. It's a big deal, if only for the fact that the U.S., the biggest economy in the world and the sole superpower on the planet, has maintained a pristine credit rating since 1941, longer than any other nation.

There are great paradoxes inherent in this move. During these troubled times, United States Treasury bonds are still currently considered one of safest places to put your money in the world. And that may continue -- the black humor traded by financial journalists is already flying. As CNBC's John Carney tweeted, "Can't wait for headline: Treasuries Rally As Investors Flee to Safety Following Downgrade."

The practical impact of this downgrade may not immediately change anything -- U.S. Treasuries will still be desirable in an uncertain world.

It's also worth noting that two of the other big three rating agencies did not downgrade the U.S.'s credit rating when they made their own calls in recent days. The question of what exactly a downgrade by 1/3 of the Big Three means will be a hot topic as Monday morning's market opening approaches..."

http://www.salon.com/news/budget_showdown/?story=/tech/htww/2011/08/05/standard_and_poors_downgrade