US Credit Downgrade ?

BBC News: Reports from the US via ABC News that the Credit Agency, Standard & Poor's is to downgrade US credit. Thus folks the debt ceiling deal didn’t help, the Agencies wanted around 4 trillion in cuts, the deal is around 2.5 trillion, throwing tea cup at a fire, ( stronger language but its open page ), the Eurozone Crisis with the high chance that Italy will default has sent the markets tumbling this week. Our lords and masters seem to fiddle while Rome burns, the EU has its head up its backside at the moment, it thought it had solved the problem with a 2nd Greek bailout, problem its gone from HIV to Aids, the entire economic structure has been affected, thus Italy is almost a certain default, Spain has 60/40 chance of getting through as its debt to GDP is around 70%, the EU/IMF can deal with that, it cant deal with Italy. The cure folks, as stated many times in this blog, the EU has to get serious, bailout out Italy and Spain, kick out Greece, Ireland and Portugal, reform the welfare state in these countries, live in the 21 Century not the start of the 20th. Don’t hold much hope folks, this kind of action would take political courage, modern politicians not that brave.