The Federal Reserve released its version of financial Armageddon today. In its doomsday scenario for the nation's 19 largest banks, it assumes 13 percent unemployment, a 50-percent drop in the stock market and a 21-percent decline in housing prices.
The results of this financial failure scenario will be released on Thursday at 4:30 PM ET. Although the Federal Reserve conducts these tests every year, this is the first time since 2009 that the results will be made public.
The stress tests are designed to make sure that banks are able to handle a financial meltdown by having enough cash and cash-like securities to withstand the crisis.
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