Aug 8 Wrap: The day's news and analysis

• The day started with headlines of a double dip in the US and Europe with S&P downdrading US credit ratings from AAA to AA because of political impasse. And the sensex did dive 315 points.• But here's why the double dip can be good news for India.[caption id="attachment_56734" align="alignleft" width="380" caption="Scott Olson/Getty Images"][/caption]• And just how serious is the risk of a double dip recession in the US and Europe? No one knows. Some help from the experts on what to buy now. • While Finance Minister Pranab Mukherjee today said India in a better position to meet the challenges of a double dip, Montek Singh is not quite that optimistic.• Follow what's up in the US markets here.• From political analysis, read why even as the UPA ducks for cover on the CWG issue, it is readying itself to for another lashing from the CAG in the form of the auditor’s report on the civil aviation ministry.• Our writer says it's time we became suspicious of that old pressure tactic, the high political art of resignation.• Day two of the London protests shows just how deep the mistrust between the black community and the police is. Rumours about Mark Duggan's death confirm this, and social media has been a great force in their spread.