Downgrading the world's rating agencies…

Standard & Poor's downgrading of US government debts from its AAA rating may have turned the world upside down, but I suspect credit rating agencies rarely turn firms inside out. Either way, investors can still lose their pants. Right after the downgrade, US Treasuries actually rallied after yields fell to their lowest point since early 2009. The market actually deemed treasuries a safer bet after S&P's gaffe, according to New York Times columnist Andrew Ross Sorkin. So much for S&P's credibility.

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