As many of you know, I have a service connected with Inside Information where I send out client articles that advisors can send to their clients about things exactly like the Treasury downgrade and the subsequent bloodbath on Wall Street.  The most recent message I sent out, Monday afternoon, was entitled "The Mother of All Overreactions."

The point, of course, was that absolutely none of the market fundamentals had changed from, say, Wednesday to Monday. The S&P ratings agency -- those stalwart vigilantes of solvency who rated boatloads of subprime junk debt as AAA, who raised the credit rating of Bear Stearns five notches to AA- in the same month the company declared bankruptcy, that had Lehman Brothers rated A the week it went under and made similar mistakes with Morgan Stanley, Merrill Lynch and the Republic of Iceland -- had decided that the U.S. government was a risky borrower at a time when global investors are beating down the door to lend to the Treasury at astonishingly low rates.

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