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Hey, have you noticed muni bonds lately? They’re crashing! Muni bonds fall off a cliff (Source: StockCharts.com) We shall see where they go from here – but the recent rally sure looks like it your standard fare retracement/dead cat bounce – paving the way nicely for the next leg lower. DailyWealth’s Dan Ferris believes this […]
According to Chris Whalen, it’s not a matter of IF the People’s Republic of California, it’s a matter of WHEN (and for the record, we agree 100%). There’s no way out of current debt and pension obligations, Whalen told Yahoo Tech Ticker (full interview and video here). Something’s gotta give – and it’s likely to […]
This may be an interesting time to go long a future “credit event” involving debt issued by the State of California. Trading volume in Intrade’s Prediction Market is still light – but those 2011 contracts sure look potentially interesting: Source: Intrade.com California (as usual) bucked the national trend last night as a lone bright spot […]
There’s been quite a bit of speculation that the November elections could be a bloodbath for incumbents, with a sweeping wave of austerity kicking ass and taking names. But the futures markets are currently showing that austerity votes are likely to disappoint in next month’s elections. Starting right here at the major nexus for irresponsible […]
The City of Harrisburg is broke – but at least it’s not alone! From The New York Times: Across the country, a growing number of towns, cities and other local governments are seeking refuge in similar havens that many states provide as alternatives to federal bankruptcy court. Pennsylvania will have 20 cities and smaller communities […]
Last night I was reviewing the Congressional Budget Office’s recent outlook to get a handle on their assumptions (I know, an exciting Monday night!) One of our astute readers kicked off this exercise by taking a look at the government’s debt and interest rate projections out to 2015, concluding that the call by many that […]
I say hilarious because the fine folks at Across the Street did a great job showing the increasing disparity between debt and income in the US: Source: Across the Street And here’s the full article: Understanding the National Debt (Sesame Street Edition) Hat tip Carson for sending this along.
With tax revenue receipts still in the tank for most US states, they are scrambling for ways to boost tax receipts. Accounting Today reports: States are intensifying theirefforts to confront the challenge of winnowing down budget shortfalls by raising sales tax rates, increasing the number of items taxed, and more aggressively asserting nexus. “States are […]
Hat tip to our buddy and fellow debt deflationist Carson for passing along this mind blowing number on Greek debt: As Wall Street hangs on the question “Will Greece default?,” the author heads for riot-stricken Athens, and for the mysterious Vatopaidi monastery, which brought down the last government, laying bare the country’s economic insanity. But […]
Would you believe that the 10 year bond yields on Greece debt are close to breaking out – again? Greece bond yields on the rise (Source: Bloomberg.com) Looks like $1 trillion only kicks the can down the road a few months! A trip down memory lane: Chucking at the Greece bailout when reported on May […]
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