Baker emphasizes the lack of internal consistancy of the down-grade and points to the lack of economic foundation for it.  He implies, but doesn't actually state what I did --- i.e. the downgrade is based on politics, not economics.  He's more direct and succinct than I was in my post

 

...

I was going to make this comment a couple of weeks ago when the deb "crises" issue started the fear mongering of a potential credit down-grade, but didn't because I thought it was self evident to everybody that 1) the credit ratings agencies have no credibility anyway, and 2) U.S. credit is still among the best of all ...