Bankruptopallooza!

San Bernardino, Calif., Seeks Bankruptcy Protection – WSJ.com.

The country has experienced a tepid economic recovery up until now, but three California cities have declared bankruptcy with more to follow. A sliding economy will lead to disaster for weak states and municipalities, and this will exacerbate the upcoming recession. Sorry, Ms. Whitney, the adage holds true. No one gets rich from being right first.

 

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