The state treasurer has a wealth of experience in banking and says without a doubt Standard and Poor's decision to downgrade America's AAA rating to AA+ isn't something to be taken lightly.
"It's highly unusual and I think it's a wake-up call," said Alabama Treasurer Young Boozer.
Still, Boozer believes it could be worse.
"We see a lot of treasury buying today, so we saw some strength in that," said Boozer.
On the streets of Montgomery we didn't detect any real alarm certainly not with Wayne Arick of Starkville, Mississippi.
"It's just something we have to deal with. I'm a student so it hasn't affected me," Arick said.
Arick's girlfriend agreed.
"Like he said we knew it was coming so this is no real surprise," said Daytona Button.
"Knowing the history of this country we'll come back but it's going to take some leadership in Washington to make it happen," said Ned Sheffield of Montgomery.
Aside from the stock market plunging more than 600 points, Boozer isn't concerned the downgrade will have any negative impact on Alabama as a state.. at least not yet.
"The long term could be an issue if they don't solve this problem because we do get money from the federal government," said Boozer.
In the end Young Boozer pointed out the downgrade could in fact be a gift, a warning to the government to get its fiscal affairs in order.
Only time will tell.
Five other countries at one time lost their credit rating but eventually regained it; Australia, Canada, Denmark, Finland and Sweden.@
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