The U.S. financial system could be on the cusp of calamity. This time, we might not be able to save it.
Loan defaults are already happening. There were more in April than ever before. It will only get worse from here. Even before the pandemic struck, the credit-rating agencies may have
been underestimating how vulnerable unrelated industries could be to the
same economic forces as in 2008-09.
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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a former blogger for Huffington Post, Daily Kos, and Global Economic Intersection.
His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
Scott is a former and current President of Common Ground-NY (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of (more...)