http://www.nytimes.com/2010/12/23/business/23prichard.html?pagewanted=1&
_r=1&hp
If this is a sign of what’s to come, then flour and candles may become the coin of the realm.
I have a much fun as the next guy watching some Wall St. DB lose his private jet and house at the Hamptons, but stories like Prichard, Alabama take all the fun out of being able to say, “I told you so.”
I’m glad I’ve never been in politics. Madoff may not be the only one who gets his neck stretched out of this deal.
Question whether it’s entirely safe to own property in these mismanaged jurisdictions. Could the courts conceivably force local governments to levy sufficient property taxes to pay all pension and health benefits?
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