What Does the Debt Downgrade Mean For The Average Person

I was invited to Q13 Fox News again today.  I was there to talk about the Standard and Poors downgrade of  U.S. debt.

It's hard to notice, but I actually say that I think the markets  will be up by the end of the day. Luckily, I didn't say equity or bond. I was right on the bond part and totally wrong with the equity market.  I went on at 7:15 PDT when the Dow was down 211 points. Later, the Dow Jones Industrials closed down over 600 points.   I stand by my prediction that the debt downgrade will be uninteresting in the financial markets in a year but still very political. 

Oh and what did I trade?  I was buying stocks frantically during the last hour of trading. I shifted my equity weighting by over 10% towards stocks.  How did I choose my frenetic stock purchases?  At these prices there are so  many solid companies with dividend yields over 4% that it wasn't hard.  If I'm wrong and the market keeps falling, I collect a healthy dividend.  If I'm right, I make a quick buck on the turnaround.