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Standard & Poor's headquarters in the financial district of New York is seen Aug. 6, 2011. (AFP/Getty Images)
(The New Republic)
Standard & Poor's did not downgrade the U.S. political system. It did not downgrade the stock market. It downgraded United States Treasury bonds and bills--and did so after Congress had removed whatever tiny chance existed of even a small delay in payments. So it's instructive that, on the next market day, investors moved massively out of stocks, and into the safety of U.S. Treasury bonds and bills. Rarely has stupidity been so quickly and massively shown up.
