Muni Meltdown Does it Matter?

william the wie

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The US has had a fairly large number of cities go belly-up and emerge from bankruptcy. Boston, Chicago, NYC, Baltimore, Houston and others are also headed the same way. Likewise the use of accounting gimmicks are keeping all states but IL and the Commonwealth of Puerto Rico out of technical insolvency but we are headed to 5-10 state defaults.

IL has been insolvent for years and PR is not a state. So, will the Muni Meltdown ever become more than a local problem?

Serious question. Afterall does anyone outside the affected areas really care?
 

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