Bizarrely, many retail investors are chasing "high" yields by investing in municipal bonds.
What are they smoking?
California, Nevada, Arizona, Illinois. New Jersey, New York, Florida, and more...they're all going broke.
And that's just the states. The same is going on in counties, cities, towns and that gaping black hole that no one ever talks about, public school districts.
As someone who's observed the operations of local governments in California and New York over the last fifteen years, this comes as no surprise.
The level of fraud, incompetence and sheer arrogance at this level of government is mind bending. It's been a "free lunch" for thousands (hundreds of thousands?) of crooks that would make even the Mafia blush for its audacity.
The chickens are finally come home to roost. Watch for massive financial fireworks in the next 12 months.
The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.
NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, OPTIONS, BONDS OR FUTURES.
The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.
