Next Stop: Black Monday.

The deal goes down starting Sunday night.  Here's the roundup.  Good luck to you in the coming weeks and months.

US loses AAA credit rating after S&P downgrade  BBC.  Excerpts:

One of the world's leading credit rating agencies, Standard & Poor's, has downgraded the United States' top-notch AAA rating for the first time ever.

S&P cut the long-term US rating by one notch to AA+ with a negative outlook, citing concerns about budget deficits.

Correspondents say the downgrade could erode investors' confidence in the world's largest economy.  Could=Will

..

The downgrade is a major embarrassment for the administration of President Barack Obama and could raise the cost of US government borrowing.  Again; Could=Will

Investment guru Warren Buffett says US downgrade ‘doesn’t make sense’  From Raw Story.  Excerpts:

Investing guru Warren Buffett criticized the Standard & Poor's downgrade of the long-term US credit rating, saying it "doesn't make sense" and would have a limited impact on markets. 

"I don't get it," the highly-respected founder and chairman of Berkshire Hathaway told Fox Business News late Friday, saying his Omaha, Nebraska-based company would hold onto its considerable trove of US Treasury bills.

And:

The billionaire investment wizard brushed off fears that the downgrade will roil world markets.

"If nothing else takes place, meaning, if all other variables hold and there isn't say, a new problem in Europe, it won't make any difference," he said, referring to the growing eurozone debt crisis.

"The US, to my knowledge, owes no money in currency other than the US dollar, which it can print at will. Now if you're talking about inflation, that's a different question," he added.

But there are already "problems" popping up in Europe..

ECB-crisis meeting  MMNews via Google Translate.  Found it on Godlike Productions.  Excerpts:

The ECB will hold on Sunday afternoon, a crisis meeting. This was arranged by ECB chief Trichet. With this key representatives of G7 finance ministers and the Euro zone. The Reuters news agency reported.

Consequently, the central bankers fear violent turmoil in the financial markets on Monday. The crisis in the PIIGS bonds could continue to worsen, triggered by the U.S. downgrade by S & P. On the agenda is likely to be the opinion of observers from the purchase of Italy and Spain bonds. The yield on these bonds rose on Friday on a 14-year high.

The Beginning of the End  MMNews via Google Translate.  Excerpts:

The U.S. is losing its top rating, outlook negative. - The last week was dramatic on the financial markets. But it was probably just a taste of what's to come: the total erosion in the confidence of the monetary system. The crash of the stock markets as a harbinger of the total bankruptcy of all Western industrialized nations. A currency reform is more likely.

Growing up in the federal government, meanwhile, doubts whether Italy could be rescued by the European rescue EFSF, even if he tripled - Der Spiegel reports in its latest issue. An economy like Italy wasnot to support, to being too large, it is said to justify. The financial needs of the country is too huge. Also a guarantee of the entire Italian public debt of over € 1.8 trillion, after assessment of government experts from other partner countries, not to be lifted. By then the markets would suspect that Germany was overwhelmed.

AAA-rmageddon: S&P downgrade knocks off US credit crown  Story and video from Russia Today.