If GOP Forces a Default, Americans' Wealth Could Be Cut in Half

[Warpy]

3. Yes, it will

The whole financial system worldwide is rickety as hell. This might be the one thing that causes the panic which will shut down the derivatives casino. If that happens, it will take everything with it for a very long time. The only way the banks will reopen is if they're nationalized, good luck to us in that department.

It's likely to take a crisis of that magnitude to get us meaningful changes, like strengthening laws like Glass Steagal into constitutional amendments, impossible for future cabals of rich men to get overturned.

Will this do it? I think it's unlikely to do more than crash the stock markets here and abroad while causing some countries to flee to the Euro, no model of stability itself. However, that is enough and I wouldn't want to be any of the 30 or so teabaggers responsible for it. Pitchforks, torches, tar and feathers will be readied in their districts.