Experts: Default could trigger stock market crash

If the U.S. does default, there would be an immediate impact around the globe and on Long Island. Economists predict a worldwide stock market crash. People would pay higher rates for mortgage and

News 12 Staff

Oct 16, 2013, 4:27 PM

Updated 3,904 days ago

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If the U.S. does default, there would be an immediate impact around the globe and on Long Island.

Economists predict a worldwide stock market crash. People would pay higher rates for mortgage and car loans if a default triggers a downgrade of the government's Fitch credit rating.

A default could plunge the U.S. into a global recession. There could even be a run on banks if people try to withdraw their money from their accounts.


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