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Wednesday, March 2, 2011

Wow, Are States in For a Big Shock - Loan Defaults Are Going to Hit Them Harder than the Local High School Bully!


Thanks to Meredith Whitney, the financial analyst who correctly predicted the banking financial meltdown, we are possibly staring down at one of the largest budget disasters in recent memory.  With all of the TARP money out there the past couple of years, what the F**K is going on with this country!!  Due to unfunded pension liabilities and declining tax revenue there can be defaults on loans totaling Hundreds of Billions of US Dollars about to occur.

Didn't all of the experts say we were already out of this sh*t hole recession already??  And now this?  Investors are fleeing the safe haven of Municipal Bonds to the tune of $23 Billion just since November and Whitney predicts double the amount of muni defaults on rated bonds since 1970 for this year alone.  This will cause a huge ripple effect for numerous cities and municipalities throughout the country, especially those that have lower unemployment and growth prospects compared to others.

Why can't we can get things right for a change.  Our government needs to start putting the right reforms into place and stop posturing and politicizing the process.  I know we are coming into an election year next year, but quit the High School bickering already and start helping the people that really need it.  If not, Mr. Obama is in for quite a shock in November 2012 when he sees his favorite color blue turn bright red across the race for president leader board.

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