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View Diary: Wall Street is Doing it Again: The Looting of America Continues (128 comments)

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  •  No doubt. (5+ / 0-)
    Recommended by:
    saluda, Ray Pensador, No Exit, FG, Kickemout

    It's part of the systemic problem w/ municipal financing: the people approving the issuance won't be in office when the notes come due, so why would they care what sort of hole they're digging for themselves.

    W/ that sort of structural problem, strong state regulation is necessary to make sure that dopey local officials don't do the sorts of dumb things that they'd do otherwise.

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