marshall blackburn from tennessee is with us. first more global markets are opening at this moment. get the latest from standard smith. >> -- sandra smith. >> they are falling in correction territory many down 10 percent. hong kong hang seng opening out of the gate. that index plunging by 2.7 percent. we saw the hang shy high composite open it over a percent. asia plunging on the set downgrade as well. >>> as the markets open they are going lower. it is a nasty compilation of public policy and financial fiscal policy. tell us what you mean. >> for years we have had an environment that promoted the use of the big three rating agencies nis road nationally recognized fiscal rating organization. the government is now paying for that support that it has directly given to the big three rating agency given the undue amount of importance in the market. >> do you say the same thing? do they have it right? >> a client called this afternoon what is s&p what do they do? really it's one person's opinion if you think about it one company's opinion on the u.s. debt. they are downgraded them twice