What the democrats used as a scare tactic against craven republicans (which the MSM was more than willing to oblige them on along with cover fire against TEA Party members here, here and here), finally happened last Friday: The US got its debt rating cut.

Yes, even after the assurances from Treasury Secretary Geithner that this would never ever happen...it actually did.

Mr. Geithner, you have an interesting definition of "leadership".

So what does this all mean?

Good question.

Let's rewind back to last Friday and see what exactly happened.

According to S&P, after some wrangling back and forth with the Treasury Department over the data they had received from them regarding the debt ceiling deal, they observed a $2-trillion discrepancy in the government's numbers. As a result of this failure in remedial math, it raised some fears regarding the future direction of the economy and subsequently the US credit rating was reduced from the top of the list, AAA, down one notch to AA+

Reaction from Washington was as expected.

President Obama engaged in a spectacular verbal gymnastic routine to bedazzle the Washington Press Corps.

Speaker Boehner went on to explain the phenomenal job he has done to reign in spending. Yes, this very same John Boehner.

Minority Leader Pelosi called on the Congressional Super committee to be transparent and accountable. The very same Nancy Pelosi who actually had the audacity to say this:

Democrats, led by Sen. Reid called for more taxes. Those vote buying appropriations and entitlements democrats just love to hand out aren't cheap you know.

And the volume is getting turned up to get Geithner fired. This pretty much wipes out all of President Obama's original team of economic advisers if he gets the boot.

But what of the egregious eight? Those Michigan republicans who abandoned their principles and voted for the legislation that according to S&P had caused this? What do they have to say for themselves this morning?

Rep. Benishek?

Rep. Huizenga?

Rep. Camp?

Rep. Upton?

Rep. Walberg?

Rep. Rogers?

Rep. McCotter?

Oh yeah, how silly of me to expect an answer. You're all on vacation.

Out of this group, only Rep. Miller had commented on this. And even her statements contradicted HER OWN VOTE not more than one week earlier. For the record, this isn't the first time she's pulled this stunt like this. We are most likely looking at someone who is way beyond political puppy training here.

In an astounding occurrence, I find myself in complete and total agreement with our friends, the Chi-Comms:

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary."

All that having been said, is this finally the beginning of that much anticipated "Double-Dip" everyone is on edge about?

The other two credit reporting agencies, Fitch and Moody's have issued warnings so far, but as of this morning, they have taken no further action.

Aside from potentially making it more expensive for not only the federal government, but other layers of government borrow more money as well, and buying a car, and taking out a home loan, and any new credit cards you may obtain in the future (Hint: when it starts costing you more, that's usually an indication for you to stop doing it), we really won't know exactly what will happen until Sunday Night when the foreign markets open.

Hang on.