Damage Control

I have to say that it is somewhat impressive that the markets have not sold off more after the downgrade of Spain's Debt Rating. Still, I find it funny as the powers that be attempt to initiate damage control usings outlets such as CNBC to say the following:

"Fitch analyst notes that they wanted to wait to see the government's austerity measures (out yesterday) before cutting the rating. Says AA+ is still an extremely strong rating, and they don't think it's going to be cut again in the next year, and they don't think there will be problems funding the deficit."

Perhaps announcements like this help quell the fear or perhaps we just don't have enough volume to sell off more significantly since it is the Friday before the holiday weekend...