If you didn’t it coming, you weren’t looking. Standard & Poor looked at how Congress acted, and made its assessment. Congress was under the influence of ideological intransigence, and demonstrated it was incapable of genuine problem solving. There is little evidence that that the super-committee will do any better.
Hopefully the market has already discounted the action in advance, so there will not be an additional significant sell-off.
As I said in my previous message, our legislators need to look at the evidence and come up with a balanced plan to reduce our deficit and eventually bring down the debt.
It needs to be done with objective analysis, creative thinking, good-faith negotiation, and critically, devoid of ultimatums.