You need to know this. It's going to happen again and it's going to be much worse. This is the warning issued by the S&P credit rating agency about the chances of our financial markets melting down again. In a report released on Monday, S&P analysts said, "we believe the risks from the U.S. financial sector are higher than we considered them to be before 2008."
They also predicted that should the markets go by the wayside again, the bailout could cost taxpayers far more this time - as much as $5 trillion - that could create a real problem with our national debt. S&P analysts also warned that there's a 1 in 3 chance that our nation's credit rating could be downgraded from AAA status, and that could send shockwaves around the global financial system triggering a wide-scale economic catastrophe. Basically, we'd be telling other nations that we won't pay off our debts.
So why are we letting this happen again?
Because right-wing ideologues want to roll-back FDR's New Deal, turning Social Security and Medicare into money pots for Wall Street, and doing away with the minimum wage, unemployment insurance, and other social safety net programs. And the big corporate polluters and Wall Street billionaires - who daily bribe our Republican politicians - want them to defund "unnecessary regulations" on Wall Street and polluting industries.
And these greedy sociopaths are so intent on getting their way, they're willing to destroy our country to do it. And they may well.
-Thom
(Will they get their way? Tell us here.)
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