Buffett Warns of Municipal Debt Meltdown

The issue of over-spending by US municipalities has been evident for a long time but has also been overshadowed the European sovereign crisis. But in a sense both crises are similar in that participants overspent and were supported in doing so by the larger securities industry. (We have even read on Bloomberg and elsewhere that municipal insolvency is going to be complicated by a burgeoning, trillion-plus bid-rigging scandal that involves Wall Street's largest firms, municipalities and states.)

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About SCrosnoe

I serve as a watchmen on the wall. In that effort, I have been a grassroots activist for over thirty years (first in Texas and now in Oklahoma). I am a conservative, limited government freedom lover. I am a co-founder of R3publicans or R3s –- we are Republicans working to Restore the Republic. I live in Bartlesville Oklahoma.
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