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Will the S&P downgrade kill the USA recovery?

The official USA government response to the S&P credit downgrade is that the rating agency made a $2 trillion mistake. And MSNBC pundit Rachel Madow made the observation on Meet the Press Sunday morning that this development is from an agency noted for granting AAA ratings to junk mortgage investments during the financial meltdown of a couple years ago.
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S&P’s Beers Discusses U.S. Credit Rating Downgrade

Aug. 5 (Bloomberg) — David Beers, the London-based managing director of sovereign credit ratings at Standard & Poor’s, talks with Bloomberg’s Tom Keene about S&P’s downgrade of the U.S. credit rating. The U.S. had its AAA credit rating downgraded for the first time by S&P, which slammed the nation’s political process and said lawmakers failed to cut spending enough to reduce record deficits. (Source: Bloomberg)

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