Stocks and bonds would crash 'violently' in a debt crisis - even if the US avoids immediate default, former NY Fed president says

• Bond and stock markets would crash in a debt crisis, even if the US avoids immediate default.
• That's according to former New York Fed President Bill Dudley, writing in a Bloomberg op-ed.
• "I have one message for those observing or involved in the standoff over raising the US federal debt limit: Be afraid, be very afraid."

Failure to lift the debt ceiling would devastate stocks and bonds, even if the US government prioritized payments to stave off an immediate default, Bill Dudley wrote in a Bloomberg column.