Losing Our Triple-A Rating Edition

Friday the S&P dropped our AAA credit rating to AA. What does this mean, exactly? My guess is:

• Loan rates will increase across the board. Globally and nationally. My take for consumers: Paying off debt should be your first priority.
• Stocks will be in a funk this week. My take for consumers: Hang tight, don’t panic, but do what you have to do or makes you feel comfortable.
• The finger pointing will only continue. My take: It’s time to take personal responsibility for yourself and stop blaming external forces.

Obviously, this isn’t good. The optimist in me hopes that we’ll pull out of the dole drums by next week and the markets will turn around. But, I’m also a realist; it might take a little longer to make up the difference. I’m also wondering if this might be the beginning of inflation?

Now for some excellent reads from across the blogosphere:

• Financial Samurai with Understanding the Debt Relief Industry
• KNS Financial with The Treasury Department’s New Regulation to Protect Social Security
• No Debt MBA with What I’m Excited For
• The Squirrelers with Buffett on Gold: He Makes Some Interesting Points

Thanks for those driving traffic to my site:

• Google image searches: Yosemite’s Half Dome. The tragedy this past week with a hiker falling off Half Dome seemed to drive traffic my way. The last part of Half Dome is treacherous and can become incredibly slippery when wet. Yosemite has had more deaths this year than in previous years due to the large snow pack and melting. If you are visiting Yosemite this year, please be careful!
• Young and Thrifty
• Yakezie
• Wise Bread
• Bucksome Boomer