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following the link there Chicago has 45 billion dollars in unfunded liability and New York has 122 Billion in unfunded liability.
"Be a philosopher. A man can compromise to gain a point. It has become apparent that a man can, within limits, follow his inclinations within the arms of the Church if he does so discreetly." - The Walking Drum
"And here’s what life comes down to—not how many years you live, but how many of those years are filled with bullshit that doesn’t amount to anything to satisfy the requirements of some dickhead you’ll never get the pleasure of punching in the face." – Adam Carolla -
Damn accountants...Originally posted by Mormon Red Death View Postfollowing the link there Chicago has 45 billion dollars in unfunded liability and New York has 122 Billion in unfunded liability.
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I guess it is time to sell more muni bonds."If there is one thing I am, it's always right." -Ted Nugent.
"I honestly believe saying someone is a smart lawyer is damning with faint praise. The smartest people become engineers and scientists." -SU.
"Yet I still see wisdom in that which Uncle Ted posts." -creek.
GIVE 'EM HELL, BRIGHAM!Comment
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The next bubble needing a bailout...Originally posted by Ted Nugent View Post
Long-term assets of financial services companies are LOADED with municipal bonds.
It's another one of the big reasons - that no one is talking about - that the Fortune 500 are sitting on $2 trillion in cash. They've invested hundreds of billions in munis and really don't know what they're worth.
What's the probability of default on a bond issued by Chicago? LA? Detroit? IL? MI? CA?
Right now, everyone is holding their breath and saying "zero," while they grab and sit on as much cash as they can...
Sound familiar?Comment
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