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In my opinion this is a hugely important article. This is why Obama does not want to bail out Detroit. They want capital to flow away from those he deems “rich people” (bondholders). It is all part of his twisted “spread the wealth around” plan. He did the identical thing with GM. He screwed the bondholders with cents on the dollar. Many good hardworking people had their savings in GM bonds and they were screwed. The same thing will happen here. I would be very careful with municipal bonds right now. It could be SHTF time for these once solid investments as the liberal cities start to fall one by one.

Careful what you wish for...

Watch for "Obamabonds" similar to Savings Bonds backed by the "Full faith and Credit of the United States" and bought through Uncle Sugar and they are the gate keeper for Detwaa, Baltimore etc rather than a Brokerage House and a Ratings Agency. Rather than buy Muni's themselves, ( yes many in these communities with modest savings could buy a nominal amount ) they will do so because Dear-Leader says so, and they will make it easy, imagine buying these mini-munis through your Union....

Imagine if they can get a cash stream again without having to worry about their "rating" and the Accounting Equation and those pesty things called Liabilities...

Shhhhhh....

Please don't give these whack jobs any ideas....

I was in New York a while back and an investment banker was giving me some statistic that something like 45% of all employed Americans are now living paycheck to paycheck with 0 savings.

I may not be remembering that stat properly, but I remember it scared the crap out of me.

Imagine if they can get a cash stream again without having to worry about their "rating" and the Accounting Equation and those pesty things called Liabilities...

Best news I've heard all year!

Imagine all the "public service" unions bankrupted in one fell swoop!

Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha !

“Watch for “Obamabonds” similar to Savings Bonds backed by the “Full faith and Credit of the United States””

Subsequently followed by forced conversion of all assets in all 401K and 403B accounts to ObamaBonds.