Posted by Ryan Faughnder

For Marketplace, Mon., Aug. 8, 2011

Standard & Poor's debt downgrade ripped on the U.S. political process. Marketplace's Stacey Vanek Smith explains why the government hasn't been able to get us on a path to fiscal security. Now that Congress and the White House appear unable to do much about the economy, the Federal Reserve steps up. But as always, its ammo is limited. Asia and Europe react to the downgrade. Host Kai Ryssdal quizzes S&P chief David Beers. Heidi Moore takes a step back and asks what the market turmoil is really about. We ask Marketplace Money host Tess Vigeland how the recent stock market sell-off could affect your wallet. And finally, Warren Buffett takes on S&P.

Here are the songs we played today:

  • Berkeley By Hearseback - Why?Buy
  • Several Shades Of Why - J. MascisBuy
  • Our Anniversary - SmogBuy
  • Einladung - ProntoBuy
  • Ritual Union - Little DragonBuy