States Bristle as Investors Make Wagers on Defaults

Mark my words.
This is the beginning of the end.

Jim

As U.S. cities and towns wrestle with financial problems, investors are finding a new way to profit on their misery: by buying derivatives that essentially bet municipalities will default.

Distract and delay is the best they can do. Maintain the illusion until the mid-term elections.

Source: online.wsj.com