- Muni default, bankruptcy anyone? Bueller...
As Compton prepares to become the fourth muni to go belly-up in California, it's worth bearing several things in mind:
- Victorville and Montebello, CA are in the batter's box while Oakland and Los Angeles are warming up.
- As Californie goes, so goes the Nation.
Meredith Whitney was absolutely correct in Dec 2010 predicting a wave of municipal bond defaults...she was just EARLY (well, isn't that exactly the point of forecasting?).
- Of course, the FTV teleprompter readers jumped all over here (and one another) pooh-poohing her 'call'...guess who seems to be right?
It is looking like that 'wave' is starting.
- Surf's up!
Agreed when the Muni's go belly up, 2008 until now is going to seem like boom times.
ReplyDeleteIt is going to be very bad and it will not matter 1 bit who is in the White House.