Friday, April 6, 2012

Funny Money -- Nothing To Do With The Bakken -- US Cities on the Verge of Bankruptcy

Link here.

This is why bankruptcy in US cities is all about "funny money."

Los Angeles: talking bankruptcy, with "only" $200 million in debt.

Compared to Detroit, LA looks downright "peachy."

Detroit: long-term debt -- $12 billion.

Detroit's population in free fall; now at 1910's level -- 700,000.

Los Angeles: 10 million.

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