Debt Crisis: Greece, Portugal, Spain . . . ?

WSJ.com Alert:

S&P downgrades Spain to ‘AA’ with a negative outlook, saying the country is likely to have an extended period of subdued economic growth.

Markets react:  DJIA plummets from +23 to –22 in seconds after S&P drops Spain’s debt rating. And the sovereign debt nightmare is only beginning.  The UK is next.  But the USA borrows more money faster than anyone, and Socio-History blog ain’t happy:

As I pointed out yesterday, US debt threatens to end the economic stabilization.  You cannot borrow your way to prosperity.

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