A senior SEC employee is warning that the municipal bond market across the entire United States is in danger of collapse. The current crisis has generated a “perfect storm”, with a deep recession in the housing market, persistent high unemployment, an unprecedented level of state, federal, and local debt, and the looming disaster of unfunded public and private pensions. All of these factors are combining to threaten the viability of the municipal bond market.
In other news, an American was sentenced to eight years’ hard labor by a North Korean court in punishment for entering the country illegally. Also, a Muslim woman in Australia was strangled to death by her burqa in a bizarre go-kart accident.
Thanks to 4symbols, Barry Rubin, C. Cantoni, Diana West, Gaia, Henrik, heroyalwhyness, Insubria, JD, KGS, Lurker from Tulsa, Sean O’Brian, TB, TV, Vlad Tepes, and all the other tipsters who sent these in.
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