Dumbing Down the meaning of the Debt Ceiling: What it really means to you

If the U.S. Actually goes into default, many of the world's largest banks could go bankrupt.

It would be next to impossible to get any kind of big ticket loan for a car or a house.

Businesses would lay off workers and the stock market, along with your 401k would plummet.

 But before you bury your money in the backyard, consider this;

"We're still looked at as the safe haven of the would despite the political rhetoric going on out there," said Joe Heider.

Joe Heider advises some very wealthy people on how to invest their money.

He says the U.S. is in far better economic shape than Greece and other countries teetering on default.

He and most other money managers expect Congress to strike an 11th hour deal. In fact they're betting on it.

"Basically, the financial markets around the world believe a deal will be cut."

In the meantime, the U.S. Has plenty of money to pay bills, Social Security and Medicare.

All the talk about checks not going out is premature, the result of political posturing.


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