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Message
Detroit shakes up muni-bond fundamentals
Posted on 6/22/13 at 10:03 am
Posted on 6/22/13 at 10:03 am
quote:
Emergency Manager Kevyn Orr’s plan to suspend payments on $2 billion of Detroit’s debt threatens a basic tenet of the $3.7 trillion municipal market: that states and cities will raise taxes as high as needed to avoid default.
Ruh-Rho
What if there is no one left to tax?
Detroit recovery plan threatens Muni-Market Underpinnings
4
Posted on 6/22/13 at 11:28 am to TrueTiger
I don't know why anyone would live there.
Posted on 6/22/13 at 11:29 am to TrueTiger
On Coast to Coast radio this morning I heard an interview with Les Gold, the star of Hardcore Pawn, located in Detroit.
Les said that Detroit has become a major destination for tourists.
Really?
Les said that Detroit has become a major destination for tourists.
Really?
Posted on 6/23/13 at 7:18 am to TrueTiger
A very serious consequence to this, IMO, is if local governments lose their ability (our it becomes too costly) to borrow money because of a trend like this, a HUGE amount of power will again be shifted upward toward Washington because that will be the only source of long term funding. That is very bad.
Posted on 6/23/13 at 8:03 am to TrueTiger
armpit of america.
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