CNNMoney:

In a move that could shake the housing market, credit rating agency Standard and Poor's on Monday downgraded the debt of mortgage finance giants Fannie Mae and Freddie Mac.

The downgrades to AA+ are part of the continued fallout from the agency's decision to drop U.S. sovereign debt to AA+, an unprecedented move that rattled investors and sparked concern over the long-term impact of the action.

Everybody knows this S&P is bullshit. But it's also the US getting a taste of its own neoliberal medicine—this "crisis" is nothing more than another massive transfer of wealth. The present turbulence in the market is not about banks going kaput (economics), but a part of a program to restore the power of the GOP and market ideology. It is really up to Obama to stop playing games with his enemies. They are not playing games. They are dead serious—already $5 trillion of equity has been removed from the global markets. It's really Obama's economy to save. Sadly, he most probably will continue to play games with these people who are not playing games: "[T]he single most important thing we want to achieve is for President Obama to be a one-term president."