The State & Local Gov’t Debt Trainwreck Nobody is Talking About

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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 […]

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Municipal bond yields continue to “break out” as investors are (finally) coming to the realization that local governments, which lack their own printing presses, may have problems making good on their outstanding debt.  The Financial Times reports: The sharpest swings in the muni market have been seen in the $100bn so-called “Build America bonds” – […]

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