Thing is who will want to buy Muni-bonds in the future ?
There is going to have to be much high interest to get people to buy Muni’s in the future especially if they take the whole hit me thinks.
I think this is where Stockton’s case is still interesting.
Buffett recently got out of the Muni-bond insurance biz by the way.[/quote]
Yes, interest rates will be higher…and, hopefully, money will be spent more wisely. There is a hell of a lot of pork in most govt spending, and the vast majority of that “excess spending” (the result of massive corruption, fraud, and abuse) has nothing at all to do with public unions.
