I can easily conceive of it. Where else are you going to put it? Europe? The interest rates are set at auction, and if the stock market is really sour, and Euro

I can easily conceive of it. Where else are you going to put it? Europe? The interest rates are set at auction, and if the stock market is really sour, and European bonds are less attractive, capital will pour into US bonds no matter what these ratings clowns say. (Aren't these the same folks that brought us AAA rating for MBSs less than five years ago, BTW?)