Last Updated Aug 6, 2011 8:46 AM EDT
Maybe when the Asian markets tomorrow night, there will be another round of big selling, but don't blame the S&P downgrade. Besides hinting at the downgrade for days and weeks, I can't help but think the move is largely irrelevant.
Last week, investors told the world just how much they still believe in the good ol' US of A. When chaos and panic were spreading across global markets, investors piled into US government bonds, clamoring to lend the government money for ten years at an interest rate of less than 2.5 percent!
S&P might have downgraded US debt, but investors still rate Uncle Sam with a sterling Triple-A, and in the end, isn't that more important than what a ratings agency says?