Here is tongue-fully-planted-in-cheek Robert Reich giving the low down on what the credit downgrade on US debt will mean:
Argh! What a cruel and unusual punishment for poor Americans to suffer because they didn't elect George Bush to a third term as president. Under Bush, the moment S&P dared lower the credit rating he would have nuked NYC and made sure that idea was snuffed out and nobody would be left standing to suggest it a second time. Oh for the good old days of trigger happy Bush. He was a president who had a swagger and knew how to lead... even if he didn't know much about anything else.