Saturday, February 05, 2011

Overdrawn American cities could face financial collapse in 2011, defaulting on billions of dollars borrowed and derailing the US economic recovery. Municipal bonds were once a very secure form of investment and are now defaulting, a trend that is on the rise. UMass economics professor Richard Wolff

1 comment:

Fallout said...

What does this professor mean that the cities and states should "call upon" the corporations who only have the money to lend to the government because they weren't taxed in the first place?