The whole debt disaster will go off soon!
These S & P downgradings are another one in the stomach for the banks and adding up to the lack of trust in the inter banking market,the lack on equity capital,the huge wholes in the books of the banks and so on.
The effect is mainly that all effected banks are need to pay higher interest for borrowed money within the inter banking market which is harder and harder to get by anyway,that means pretty soon "Game over" for quite a few "financial service providers".
Remember the old AC/DC song "Run to the hills"?
Business Insider
Cramer:We are in DEFCON 3
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