The downgrade of U.S. sovereign debt by Standard & Poor's has provoked a range of reaction, from faith in the democratic process to derision about the politicians whose wrangling prompted S&P's action late Friday. S&P hasn't been immune from criticism either.
While the immediate effect of the downgrade has been a drop of over 300 points on the Dow Jones Industrial Average, it will take longer to learn what effect the downgrade will have on the American economy and way of life.
Here is what some of Wall Street's veteran market watchers told CNBC Monday:
Kenneth Langone, Invemed Associates chairman/CEO: