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Wall Street Braces Itself in Wake of Credit Downgrade

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Obama vs. S&P(Wall Street Journal) President Barack Obama views the downgrade as flawed and unjust, meanwhile S&P stands by their rating and "called into question Washington's ability to function."

S&P May Downgrade US Again in November: BofA(CNBC.com) "We do expect further downgrades," said Ethan Harris, North American economist, on the call. "We doubt the newly appointed bipartisan commission will come up with a credible long-term deficit reduction plan. Hence by November or December we would not be surprised to see S&P downgrade the debt again from AA-plus to AA."

Here's a Checklist for Turbulent Markets (Morningstar) May come in handy today.

Buffett: US Rating Still AAA, No Matter What S&P Says(CNBC.com)

Gold Vaults Over $1,700 Amid Debt Worries(CNBC.com) Just when you thought it couldn't go any higher...

Wall Street Braces Itself in Wake of Credit Downgrade(Reuters) Everyone is holding their breath.

Morgan Stanley To Lay Off 20% Of Research Managing Directors By Year End (Business Insider)