“Moody’s cut credit ratings of several small to mid-sized U.S. banks on Monday and said it may downgrade some of the nation’s biggest lenders, warning that the sector’s credit strength will likely be tested by funding risks and weaker profitability.”
Is this the build back better or the make America a third world nation part?
But the economic news is not all doom and gloom!
“Despite recent gains on their investments, U.S. public pension funds don’t have nearly enough money to pay what they owe current and future retirees.
In less than a decade, that shortfall has tripled to at least $2 trillion—more than half of all outstanding state and local bond debt, according to a report by Moody’s Investors Service.
Moody’s looked at the unfunded liabilities of the 25 biggest public retirement systems, which cover 40 percent of the $5.3 trillion in total U.S. public pension plan assets.”
4 more years!
4 more years!
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www.reuters.com
Is this the build back better or the make America a third world nation part?
But the economic news is not all doom and gloom!
“Despite recent gains on their investments, U.S. public pension funds don’t have nearly enough money to pay what they owe current and future retirees.
In less than a decade, that shortfall has tripled to at least $2 trillion—more than half of all outstanding state and local bond debt, according to a report by Moody’s Investors Service.
Moody’s looked at the unfunded liabilities of the 25 biggest public retirement systems, which cover 40 percent of the $5.3 trillion in total U.S. public pension plan assets.”
4 more years!
4 more years!
Moody's downgrades US banks, warns of possible cuts to others
Report comes against backdrop of tightening monetary conditions.
www.reuters.com
