Links: US Downgrade, Goldman Targets, Bill Gross, Hussman, Alan Greenspan - 8/8/2011

Frankfurt Exchange (Source: Flickr/orb_cz)
Bank of America: S&P May Downgrade US Again in November (CNBC Fast Money)

Goldman Hikes Its 12 Month Gold Price Target From $1,735 To $1,830 (Zero Hedge)

Goldman Puts The Sell-Off In Perspective (Pragmatic Capitalism)

Goldman Sachs slashes December target for Australian S&P/ASX 100 benchmark index (Australian)

Goldman Sachs upgrades India to market weight (DNA India)

Recession Warning, and the Proper Policy Response (John Hussman)

China official media: U.S. woes threaten global recovery (Reuters)

Yuan Jumps Most Since April on U.S. Downgrade (Reuters)

Bill Gross Tells The Truth: "S&P Finally Got It Right. They Are Enforcing Some Discipline. My Hat Is Off To Them" (Zero Hedge)

Japan rice futures jump in debut amid radiation worries (Reuters)

A.I.G. to Sue Bank of America Over Mortgage Bonds (New York Times)

Alan Greenspan talks about the U.S. Downgrade, Treasury bonds, the U.S. stock market and Italian debt on Meet The Press (video below). When asked how the market will react to the downgrade, Greenspan said:

"It's difficult to say, but the only test we have at the moment is the Israeli market which is open today, and it has tanked. The problem I have with that however is there are real significant protests within Israel at the moment, so I can't tell whether it's one or the other. But considering the momentum at which the market went down over the last week, it is very unlikely, if history is any guide, that this isn't going to take a while to bottom out. So the initial reaction in my judgment is going to be negative."