That was the message from the Wall Street Journal‘s live blog tracking the stock market this morning. Market watchers are bracing for the fallout from Standard & Poor’s downgrade of the U.S. credit rating late Friday night.

The Dow opened down 229 points, the S&P down 26 points and the Nasdaq down about 65 points. 

Here’s how Sen. Daniel Inouye reacted to the downgrade, in a statement released by his office:

“The unprecedented decision by Standard and Poor’s to remove the United States from its list of risk-free borrowers is yet one more reminder that the dysfunctional nature of our discourse on Capitol Hill can have real consequences that impact the financial security of our citizens and the stability of international markets…  

“We can no longer exchange real economic solutions for campaign promises rooted in ideology. As Chairman of the Senate Committee on Appropriations, I look forward to working on the 11 remaining FY2012 spending bills to ensure that spending cuts are implemented in a responsible manner that spurs job creation, maximizes efficiencies, and maintains the quality of service our citizens expect from the federal government.”