Note from Marc: With all this media coverage on the debt ceiling, I know you may have questions about what a possible default means for the stock market – and your money. That's why I thought it prudent to share this note from my friend Joel Litman. A Wall Street insider who predicted both the crashes of 2008 and 2020, Joel has unique insights into how the next few weeks could impact your money this year (and for years to come).
Brace Yourself for June 1Dear Louis, I've been getting a lot of questions about this debt ceiling debacle. Basically, "What the heck happens to my money if the government defaults on June 1?" But here's the question you should be asking: "What the heck happens to my money if a default collides with a full-blown banking crisis?" Well, the short answer is a massive crisis for Wall Street AND Main Street – and, as usual, Main Street will suffer most. Right now, the IRS Is backlogged by a million filings, which means small and medium businesses are still waiting for tax refunds - many to the tune of hundreds of thousands of dollars... Meanwhile, credit has been drying up and making it tougher for these businesses to get loans. What do you think happens when these businesses can't rely on tax refunds OR the banks to keep their doors open? Nothing good, I can tell you that. Which is why the next few weeks will go down as the most important of your next year... perhaps even your next five years. June 2023 is set to usher in more chaos and volatility than the last twelve months combined. Half of the entire U.S. stock market will be impacted this June... Thousands of stocks could crash within days or weeks. So the short answer to the debt crisis story is... it's just the beginning... And you need to prepare now. Regards, Joel Litman
Founder, Altimetry Research P.S. The Consumer Financial Protection Bureau – the top consumer watchdog in the U.S. – is so worried about a possible default, it just released an urgent warning for U.S. families... Treasury Secretary Yellen is sounding the alarm on a potential "economic catastrophe..." The White House just estimated a default could wipe out 8 million U.S. jobs... As usual, the media's full of scare quotes but little guidance. That's why I just released a warning about what to expect in the weeks ahead... and the exact action steps you should be taking right now. | 
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