Mark Zandi

Standard and Poor’s downgrade of the United States' credit rating on Friday, for the first time in history, brought condemnation from government officials, and fears of market turmoil. S&P's managing editor, John Chambers, told ABC News' "This Week" that there was a one in three chance of a further downgrade. He also said that the U.S. could regain its AAA rating, but warned that it may take as long as two decades — if it happens at all.

If Washington lawmakers cannot come to an agreement on the nation’s operating budget by Friday, the government will be forced to shut down many of its non-essential functions, sending thousands of government employees home without a paycheck.  

Over 800,000 federal employees were furloughed in the nation's November 1995 shutdown, and about 284,000 workers were sent home in a second shutdown a month later. Combined, those two shutdowns cost the government about $1.4 billion. However, those shutdowns coincided with a time when America was experiencing one of its longest periods of financial growth. If the shutdown were to occur on Saturday, it would be doing so in a very different financial climate.  

Stock markets around the world seemed jittery yesterday: The Dow Jones industrials dropped briefly below 10,000 before making up most of their loss. Since a recent high in April, the Dow has dropped nearly 12 percent. What does this number indicate about our economy? Is the market the end-all-be-all measurement of how our economy is doing?

• ECONOMY TAKEOUT: Even after a $1 trillion bailout plan, the euro fell to its lowest level in four years for a brief moment last week, causing bank shares in Europe to plunge. Wall Street followed suit. We talk with Dr. Mark Zandi, Chief Economist of Moody's Analytics, about how Europe's economic woes could impact the U.S.
• SPORTS TAKEOUT: Last night's NBA and NHL playoffs are recapped by Takeaway Sports Contributor Ibrahim Abdul-Matin, who also tells us about a Canadian doctor charged with supplying performance-enhancing drugs to professional football players. 

Mark Zandi, chief economist and cofounder of Moody's Economy.com, discusses financial reform, the Cuomo suit against banks over their interaction with ratings agencies, and other economic news.