3.27 Municide Update: Now the Sheep can be Sheared

municide

by John Galt
March 27, 2012 22:45 ET


As has been the habit of the U.S. banksters, the sheep have been herded into another bubble which is about to implode and shear them once again. The media spend the majority of 2011 incessantly attacking Meredith Whitney and her prediction of a municipal bond catastrophe without even taking a moment to analyze the underlying condition of the various locations at risk. Jefferson County, Alabama proved to be the largest implosion in history but it would appear that it shall soon lose that honor to another California location. Just remember as I outlined in my original piece on the subject in 2008, Municide, that the inevitable crisis will occur as real estate values continue to plummet.

With residential real estate at decade lows and commercial real estate falling faster and farther underwater at a frightening pace, it is only a matter of time before the dominoes begin to fall. Below are a sampling of the recent stories highlighting the extent of this ongoing disaster from various media sources around the country.

Providence Bankruptcy Seen as Unavoidable on Budget Gap

More Municipalities Bet on Bonds to Cover Pensions

Will Stockton, Calif., Be the Biggest Municipal Bankruptcy Ever?

Chapter 9, A Brave New World

Municipal Defaults — Already 21 in 2012 — Another Blow for Bond Insurers

NY.’s road to fiscal ruin

Cities deep in the financial hole

10 Reasons Why The U.S. Is On The Verge Of A Major Municipal Debt Crisis

Small-Town Lockups Without Prisoners Send Bonds Into Default

Detroit Nears Bankruptcy As Debt Downgraded by Moody’s

US muni defaults another blow for insurers

Bankruptcy not ruled out to solve Fresno’s financial crisis

 

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