Looks like Wall Street is beating the drums of national collapse unless gov bails the cities (bondholders) out with taxpayers money again??!!!!! If anyone has been buying Detroit bonds they deserve to face default.
Detroit is just the biggest and the most visible. Add corruption, featherbedding and crony-ism and it is just the usual irresponsible ignorant no-brain people getting elected --- on steroids.
From California to Maine, deficit spending and the ease of borrowing coupled with ignoramuses who stay around three, five, ten terms and then retire to some warm pleasant place and let some other suckers take the heat when TSHTF.
Most visible and obvious about this mess is that most people just haven't a clue that 30-year bonds ACCUMULATE.
When the retarded, elected idiots are also corrupt, this is the only possible outcome.
I hope I never again hear that most stupid of spurious arguments, It's only a temporary half-cent tax!
That I haven't mentioned the "public service" unions is not an accident. They are the major component of this mess, but by no means the only one. I just don't want to get started on that.