Welcome To The Third World, Part 32: Texas, Really??
California and Texas were, until very recently, the two best US states. The former is the richest and highest-profile, and home to Silicon Valley and
California and Texas were, until very recently, the two best US states. The former is the richest and highest-profile, and home to Silicon Valley and
Somewhere back in the depths of the 20th century, a bunch of governors, mayors, and public sector union leaders got together and cooked up one
The people running states like New Jersey and cities like Chicago know they’re broke. Ridiculously generous public employee pensions – concocted by elected officials and
The past decade was a uniquely smooth stretch of financial highway. Pretty much every major asset class – stocks, bonds, real estate, fine art, you
This is the second post in a week on Chicago’s epic financial train wreck. That’s a lot of attention and it probably won’t happen again,
When you see that Italy’s debt is rising, the logical question is, who the hell is dumping good money after bad into such an obviously
Two points about today’s political economy – and then a prediction involving Illinois: Point One: What’s coming is poetic justice for the aristocracy. The wave
When an entity needs to borrow ever-greater amounts of money to survive, the markets – that is, the people who are being asked to lend
A new bond issue from Chicago is rated AAA. That’s great because it means the city’s finances are on the mend, right? Nope, just the
It’s been a long time coming, but Illinois’ slow-mo financial disaster is now front page news. A few recent examples: Roadwork Could Shut Down Across
Doing the right thing is hard for both individuals and their governments. Name the goal – maintaining a healthy weight, paying off high-interest credit cards,
Back when society’s balance sheet was reasonably solid, the occasional bear market was no big deal. A 20% drop in the average S&P 500 stock
As the Greek default (and it is a default no matter what they end up calling it) is finalized this week, the consensus seems to
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