WHAT WOULD HAPPEN if an asteroid hit U.S. banks? “Ever wondered what the U.S. economy might look like should there be another Lehman Brothers-style bank collapse? Well, it would not be pretty. Unemployment could jump to 13 percent, recalling the breadlines of the 1930s. The Dow Jones industrials might plunge 50 percent to 5,668, a level last reached before the dot.com boom in the mid-1990s. At the depths of a brutal year-long recession, output might shrink at an 8 percent annualized rate, wiping out two whole years worth of growth.”
Luckily, with this team of experts in charge, there’s no danger of anything like this happening.
UPDATE: Fitch Downgrades Portugal To Junk On General Strike Day.