So we know what the S&P's credit downgrade of US securities to AA meant to Wall Street (a complete market meltdown), but what will it mean to us on Main Street?

Lacking any real comparison to anything in U.S. economic history (this being the first time we've lost our pristine AAA rating since we first earned it back in 1917), we'll be the first to say that any sure-fire predictions CANNOT be made nor should you take as "gospel truth" anything you hear or read.

For the moment, we anticipate minimal problems with interest rates on mortgages and consumer debt.

However, the future is murky.

For as long as we can remember, the pricing and assumed risks of almost every major investment have been measured against the idea that US government investments were "risk free."

With the downgrade by S&P, someone is now saying there is a small risk to U.S. government investments which could mean a re-assessment of the risks of all other securities.

That could bring about big changes in the values of stocks and corporate bonds or, at the very least, more volatility.

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