S&P's U.S. Rating Downgrade, Market Implications

Aug. 8 (Bloomberg) -- Daniel Mitchell, a senior fellow at the Cato Institute, talks about Standard & Poor's decision to cut the U.S.'s long-term debt rating. Nick Maroutsos, a portfolio manager and co-founder at Kapstream Capital in Sydney, talks about the implications of S&P's move for global financial markets. Mitchell and Maroutsos speak with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)