[quote=The-Shoveler]Well I guess we would just have to figure out what it means when they just start defaulting.

Or what a mostly volunteer fire department etc.. looks like or something.

I think this is why Buffett said he would never live in CA.[/quote]

Municipal finance will be tough.

I used to work in public finance. I remember when muni bonds were fairly safe.

Defaulting on all those bonds might free up some cash.

Cant remember what the security was tho. Repo a state park?

A lot were unsecured I think.

Man that was a lifetime ago. So much fine print