Jeff Gundlach was on CNBC earlier today giving his views on the downgrade and the current economy. He interestingly says that the downgrade was rather silly and it is not a downgrade on the government's ability to repay its debt merely a downgrade on the dollar itself. This has been clearly relfected today with Gold's run. I think he is spot on with this.
He then goes on to discuss how the economy will weaken going forward. He essentially makes a bullish case for treasuries which is the exact oppostive position that Bill Gross of PIMCO is taking. Interesting when two heavy weights are on the opposite side of the fence.