This time, in our more delicate economy, the consequences could be more severe.
Yet the risks associated with derivatives trades have never been tested in a sour economy; their consequences are unknown.
The government's aim is to save around $4 billion of interest payments next year, freeing resources to stimulate the economy.The consequences of creditor nervousness are painful and immediate.
But for many in the housing world – and for politicians such as Vince Cable and Jon Cruddas, who had always understood that housing was one of the key drivers of the first-world economy – the consequences of a sudden puncturing of the housing bubble were only too predictable.
"For consumers and the economy, the consequences could well be dire," James W. Cicconi, AT&T's general counsel, wrote in a letter to Michael K. Powell, chairman of the F.C.C. "If competitors leave the residential telephone business, the result will be higher prices and fewer choices for consumers, and fewer jobs, less innovation, and reduced investment in the industry".
For patients, and for our economy, the consequences of this gap have been disastrous.
In our globalised economy the consequences of these recent events in emerging markets will not be easily contained.
They also have to recognize, as they try to navigate their way out of massive, recession-fueled deficits, that pulling federal dollars out of the economy has consequences too.
Anguilla has developed into a stable parliamentary democracy with a growing economy, a consequence of massive injections of foreign capital, mainly from the United States, during the early years of the 21st century.
This is important because the budget reporting on the "fiscal cliff" repeatedly asserted that the country and the economy faced dire consequences from not having a deal reached by this deadline.
