Downgraded

The above image, circulated by MoveOn.org, leaves out the role of a certain chief executive who seems enamored of Neville Chamberlain's management style.

The big news is the downgrading of the US' credit rating by S&P. Robert Reich goes after them and the horse they rode in on here and Krugman throws in his two cents here, while E.J.Dionne ponders the issue here. Meanwhile, WV groups ponder what the Satan sandwich debt ceiling deal means for ordinary people here.

GOAT ROPE ADVISORY LEVEL: DOWN A LEVEL