Merry Christmas!Our towns, cities, counties and country are all broke.
Oh God, help us!
Don't buy mom Illinois bonds for Christmas:
"Would you invest your mother’s money in municipal bonds?
In a recent interview on Fox Business News, host Gerri Willis asked me that very question.
It didn’t take me long to say I’d certainly do my homework first.
Based on the growing number of city bankruptcies from Alabama to Rhode Island to California, it’s clear to me I’d keep my mother’s retirement money, and mine, far from those governments running the risk of bankruptcy.
Many cities are collapsing due to out-of-control pension costs, but it’s only the demise of Detroit that’s awoken retail investors like my mom to those risks."
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