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Remember all that talk this past summer about how a downgrade of U.S. debt would prove disastrous to investors and the U.S. economy? Well, the results are in...drum roll please:

Four months after Standard & Poor's stripped the U.S. of its AAA credit rating and said the world's biggest economy was no longer the safest of borrowers, dollar- denominated financial assets are doing nothing but appreciating.

Government bonds have returned 4.4 percent, the dollar has gained 8.7 percent relative to a basket of currencies, and the S&P 500 Index of stocks has rallied 1.7 percent since the U.S. was cut to AA+ from AAA on Aug. 5. The cost for the nation to borrow has fallen to record lows since S&P said the U.S. was no longer risk-free, with the average monthly yield in November on 10-year notes below 2 percent for the first time since 1950.

How's that for a big fat DOH!

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