This is a big deal and the White House is playing it down. There are many more cities currently on the verge of bankruptcy and this could escalate right on down to local county municipal bond holders - because Detroit is setting a national precedent to wipe out municipal bond holders through bankruptcy.
For example, Baltimore is in the same boat with the flight or exodus of the cities population - just like in Detroit.
Banking analyst Meredith Whitney has been predicting this for a long long time and now that time has reached maturity. As Kudlow's guest says, 'You simply cannot fight the math'.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
6 comments:
I hope our county council members see this video. If the pensioners receive preferential treatment or take 1st lien position over the municipal bond holders then it is going to ripple across this country faster than a tsunami.
WOW - I missed Kudlows show last night. This is really a big deal!
Joe - have you watched the whole video. There are many more municipal calamities coming in the very near future.
I hope SBYnews features this video in a special SBYnews edition. This information really needs to be repeated so that the people can really see what is going on with these municipal bonds.
GREAT COVERAGE! Astounding information.
Looks as though the municipal bond market has just been trumped by pensioners. This is going to have a severe ripple effect in every State & locality.
Yep, it looks as though it is going to have national ramifications all the way down to small townships. From this point forwardd - it is going to be harder to market municipal bonds as their exposure has now increased exponentially.
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