The once-unthinkable loss of the AAA rating will constitute a further hit to already fragile business and consumer confidence.
Mohamed El-Erian[When] the market is trying to get to terms with, first, lower global growth, particularly out of emerging markets and China. And, second, the market is worried the central banks have run out of ammunition. So put these two things together, and then investors are repricing the market lower.
Mohamed El-ErianInvestors should invest on what they know. The biggest mistake is to invest on what they don't know.
Mohamed El-Erian