"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
Day of Reckoning for American Pensions Is Fast Approaching
Submitted by Melinda L. Secor on Mon, 2015-07-27 01:00
"Chicago for example, is now paying an exorbitant 8% yield on their bonds, which amounts to almost twice as much as a homeowner would pay for a 30 year mortgage. If other cities have to deal with credit rating downgrades (which they soon will), paying off their liabilities will quickly turn into a Sisyphean task. Widespread municipal bankruptcies will soon become a common feature in America's financial landscape."
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