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View Diary: Wall Street is Doing it Again: The Looting of America Continues (128 comments)

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  •  If so, the true villains are the public officials (3+ / 0-)
    Recommended by:
    johnny wurster, Sparhawk, elwior

    who agree to such outlandish terms.

    "The way to see by faith is to shut the eye of reason." - Thomas Paine

    by shrike on Fri Feb 01, 2013 at 05:58:14 AM PST

    [ Parent ]

    •  No doubt. (5+ / 0-)
      Recommended by:
      saluda, Ray Pensador, No Exit, FG, Kickemout

      It's part of the systemic problem w/ municipal financing: the people approving the issuance won't be in office when the notes come due, so why would they care what sort of hole they're digging for themselves.

      W/ that sort of structural problem, strong state regulation is necessary to make sure that dopey local officials don't do the sorts of dumb things that they'd do otherwise.

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