Good piece on 60 minutes regarding where we stand fiscally.

Discussion in 'Politics & Religion' started by Hello, Dec 21, 2010.

  1. Hello

    Hello

    Good piece on 60 minutes regarding where we stand fiscally.
    First video is the full piece other 3 are bonus clips which got edited out. Its funny cause i had been thinking coming into last weekend that municipal bonds had bad news coming in the near future and i had mentioned it to a few people right before this piece came out. I think there is going to be major shit in muni's in 2011.

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  2. I saw that, the greaseball was soft balled.
     
  3. Hello

    Hello

    Bullshit, listen at 7:35 where Steve Kroft says that Christies budget cuts forced the layoffs of thousands of teachers, his budget cuts didnt force anything the teachers union had a choice to forgo their 5% pay increase for one year and hold onto all the teachers or take a pay increase and a bunch of teachers lose their job.....

    Thankfully those noble teachers unions chose to have teachers laid off so they could have their pay raises.....
     
  4. As an ex-broker that sold a lot of muni bonds (with "insurance" mind you) if quality muni's start to fail, that will have a massive ripple effect. Could be great for us traders, but for the average joe's out there that bought these AAA insured bonds, could get bad.

    That's why a part of me thinks 'they' will not let it get to that point. You not only kill many investors, you kill the brokers that sold those bonds, you kill the agencies insuring them, you kill the houses packaging them up into unit investment trusts, you kill the bond funds... a lot dead if those things fail.
     
  5. 377OHMS

    377OHMS

    60-minutes is a liberal production. Propaganda all the way.

    Munis and state bonds in california will experience default. Its a foregone conclusion.
     
  6. I agree unions often overreach and it doesn't help their mission when they do, esp. teachers unions. He was never asked where
    the wealthy were pitching in to reduce the state's debt ...softball.
    Of course being a republican he's their whore so ...it figures.
     
  7. Hello

    Hello

    New Jersey has the highest state taxes in the country, who do you think is already shouldering the majority of that responsibility?

    You seem to have missed the point of the video.
     
  8. Hello

    Hello

    I agree with you in all senses, i think they will be bailed out, but all it takes is for a couple to start going under to cause mass hysteria, if the government misses the crisis like it did with subprime, and it takes a few weeks to sort out, the damage could be done before they even get a chance to do anything about it, people underestimated the potential damage BSC and the other banks falling would cause at first, this time i highly doubt anyone would wait to pull the trigger. Then the next problem you have to worry about is a potential downgrade on U.S. debt as a whole, i just think that there is a serious time bomb laying in the weeds here.

    I"m not a doom and gloomer and i mostly day trade but i am waiting and watching closely what i see in the municipal bond market.

    I dont think it will end up like the 2008 collapse, but i believe there is something lurking there which like you said will kick up a hell of alot of volatility, which is a good thing for us traders, but a bad thing for the entire rest of America.


     
  9. There's no such thing as a noble teachers union.
    Teachers want pay raises while the rest of the state experiences layoffs and pay decreases? That's how you bust a state. [​IMG]
     
  10. Certain Muni yeilds in California hardly reflect major defalt risk. State Bond even less.

     
    #10     Dec 22, 2010