Standard & Poor's and its U.S. debt downgrade

As most of you know the ratings agency Standard & Poor's recently lowered its rating of U.S. Treasury debt from AAA to AA+.  I've read a lot of pieces talking about why S&P should or shouldn't be listened to, but Nate Silver's view is one I found particularly interesting.  The pull quote from it is his judgment on the matter, but if you have the slightest bit of wonkination interest on the debt issue than this makes for fascinating reading.

The fact that billions of dollars in wealth are tied up in the judgments of a company with such a poor record is all the proof you should require that the global financial system is in need of reform.

Via Steve Benen.