This monumental downgrade and extreme pessimism from credit rating agency Standard & Poor was, I hate to say it, just them doing their jobs. In fact, this downgrade probably reflects the increased objectivity of the rating agency- they had the audacity to give out their caustic opinion irregardless of the fact that volatility is at an all-time high and optimism is nonexistent. That's understandable, even admirable. And I certainly agree with their pessimism about "the capacity of Congress and the administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics anytime soon."
But, in the end, no matter how "correct" the downgrade was, I'm still left thinking, "Ugh. Damn it S&P. Thanks."
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.