Fed says business as usual

As many of you have probably heard, the US credit rating has dropped to a AA+ from its AAA rating.  An AA+ rating is a quite a distance from Greece and is still the second highest rating out there.  The credit rating drop is more of a psychological blow than anything.  What I think the S&P thing did was to hit a nerve that there’s something basically bad going on, and it’s hit the self-esteem of the United States, the psyche,” said the former chairman of the Federal Reserve, in an interview with NBC’s Meet the Press on Sunday.

Federal Reserve officials publicly declared that it was business as usual despite S&P’s downgrade of US government debt.

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