EconMatters at Zero Hedge says the S&P downgrade was unjustified based on their reasoning, giving several important reasons why, but ends by concluding a downgrade is probably warranted anyway.
Another post there quotes investment firm QBAMCO saying the downgrade is “very reasonable, overdue and, in real terms, insufficient.”
Meanwhile, central banks across the globe are intervening in markets to prop up currencies and prevent panic while Tim Geithner assures us everything is fine, just fine.