Monday, October 13, 2008

New York Debt – Warning!!!

If you invest in Municipal Bonds, I strongly recommend against placing any money in New York State bonds or New York City bonds. Simply put, the crippling losses on Wall Street are going to devastate their budgets.

Given the entitlement structure they maintain, the bad union contracts with state/muni workers, and massive pension obligations, it will be difficult for them to make the cuts needed to balance their budgets.

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