Originally Posted by
Bucking Bar
Began watching California muni's after reading this book:
Michael Lewis, How The Financial Crisis Created A 'New Third World' : NPR
This "depressing" author, also penned Money Ball, which is a great movie, and The Big Short, which made Billionaires out of those on the correct sides of the trades in 2008. It is LOL funny and very educational.
I actually think muni defaults will be easier to manage than the feared US Government default. For starters, each is smaller and more isolated. It will be very ugly if you own a home in a community where this occurs.
He wasn't wrong, but everything hinges on Andrea Merkle and the German taxpayer. Eventually they will say, "Die faule Griechen ihre eigenen Rechnungen bezahlen."
Municipal solvency is something to track now as you invest.
Clamp;
Bar is IMO correct in his assessment of the macro economy. It isn't a question of whether or not, just a question of when.
It is difficult for a seasoned investor to really understand how to protect assets because when your brain goes through all possible machinations, you realize that the government can always nationalize your assets.