downgraded and i have liz claman joining me and tobi smith . adam,i am sorry it is one of these. what do you think they could move to prior to august 2nd . david berse is correct and a lot of s&p 500 people telling us. at fox business we are asking when could this happen? they don't have to see a default before they will downgrade our debt. >> would they do it and david is a good guy. we do it with japan and sovereign governments. the united states is different and you know the agency responsible for doing that. they would trigger what would be financial panic. >> they can't look at it that way. they lost credibility in the financial led up to the bubble and explosion. they have to tune all of that out and potential of massive market gyrations and the bond and the u.s. dollar and stock . everyone is worried about the 401 ks and does it line up with what constitutes the need for a downgrade of the quality of our debt and how we run this nation fiscally and economically. >> adam, we had the guest on earlier that was saying yes, focus on stocks and focus on the treasuries. the panic