In a previous post, “The Municipal Bond Fiasco – Who Are The Lenders?“, I wondered who would be dumb enough to loan money to US municipalities on the verge of bankruptcy. Today, Robert Wenzel of EconomicPolicyJournal.com, wrote a post describing the precarious nature of California’s fiscal situation. He states: “Today California quickly began trying to sell $10 billion in municipal bonds … “. Again, I ask the question, who in their right mind would purchase these bonds? Do these investors really believe that they will collect the principal when the bonds mature?
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