When we asked Kirk Nace for his thought on this breaking news of the S&P downgrade he replied "What does this tell us about the oh so common phrase 'backed by the full faith and strength of the US government?' It's long overdue and not nearly a strong enough reduction, but I am sure the Obama administration has placed all kinds of pressure on ratings agencies to provide favorable ratings. There will be much more to come, the events of the past week with our financial markets here in the US, the challenges facing Europe, China, Japan and Brazil, are simply the tip top of the iceberg. The exciting news is this creates infinite new opportunities and possibilities for those who are looking."
