Pre-Marketing: S&P downgrade impact on McGraw-Hill

August 8, 2011, 3:21 PM UTC

A terrible-looking breakfast for a terrible-looking market

* Fallout: Behind the bluster, China reprices U.S. risk

* Jason Goldberg: 57 things I’ve learned founding 3 tech companies

* Azam Ahmed: How S&P downgrade might affect battle for McGraw-Hill

* Morning Call: U.S. futures crashing, London ralliesEuropean shares mixed after ECB moves and the Nikkei sheds more than 2%.

* Startup office sign of the day, from Gemvara HQ

* Jeff Stibel: The simple way to avoid social media failures

* Brad Svrluga: Why can’t anyone get social for travel right?

* Too toxic? Stevie Cohen severs ties with PE spin-out from SAC

* Ronald Barusch: What Kraft won’t say about its planned spinoff

* James Surowiecki: How the debt ceiling deal hurt U.S. business

* Sign up: Don’t miss Term Sheet’s daily email on deals and deal-makers

* Hot ticket: This week MIT is hosting a conference on the science of concrete

* Edmund Lee: Is Foursquare’s Dennis Crowley the pied piper of Silicon Alley?

* Non-answer of the day:

Anderson Cooper: They say that S&P sent Treasury an error in their analysis that inflated the U.S. deficits by $2 trillion, and that the agency acknowledged their mistake. Did you make a mistake of $2 trillion in your analysis?

S&P’s John Chambers: Our analysis is in the public domain. It’s published. And the difference between baseline calculations out to 2015 is 1.5 percent of GDP.

* Felix Salmon: “Yes, the ratings agencies were in large part responsible for the financial crisis. But their mistake there was having too many triple-A ratings. If you were looking for a sign that they’d learned their lessons, it would be that they were downgrading triple-A borrowers before crisis hit. And also that they didn’t place overmuch stock in official models. Whatever else S&P is doing here, it isn’t repeating its mistakes of the subprime bubble.”