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Speculation is growing that the#LosAngelesWildfires could crash the US economy

The amount of losses far exceeds the net assets of insurance companies and banks, which could lead to financial contagion- and collapse.

Thanks to Gavin Newsom the economy may do another 2008 crash!

Black swan events are rare and unpredictable occurrences. Often, they have a profound impact on financial markets by leading to severe and sudden changes. Some popular historical examples are the Wall Street Crash of 1929, Black Monday in 1987, the 2008 financial crisis, and COVID-19.