interesting article on the coming crisis in city bonds

http://blogs.law.harvard.edu/philg/2009/11/03/the-coming-collapse-of-the-municipal-bond-market/

High bit: no fucking way you should buy city bonds.

Amusing bit: with no way to default, West Palm Beach, Florida had to raise property taxes to 42.5% in order to meet obligations.


Possibly useful: in terms of debt vs GDB and citizens: "Massachusetts comes in at #1, with more than $10,000 of debt for each citizen and 20 percent of GDP. Each Texan owes about $1,000, by contrast, or 2 percent of GDP.

CA sucks more in various ways: http://www.latimes.com/news/opinion/la-oe-voegli1-2009nov01,0,825554.story