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Day of Reckoning
This is a day of reckoning for California and, ultimately, for all of America.
Will our nation’s largest debtors meet their massive financial obligations? Or will many ultimately default?
In California, the answer given by the state Treasurer’s office was a commitment never to default, seeking to directly refute my forecast issued here 13 days ago under the headline “California Collapsing.”
According to the BusinessJournal:
6Jul2009 | Money and Markets | 2 comments | Continued“The California’s state Treasurer’s office on Monday refuted an analyst’s recommendation last week that investors dump California municipal bonds and that the state is likely to default.
“Analyst Martin Weiss of Weiss Research said in a June 22 report that…
California Bankruptcy Odds 1 in 4 Within Five Years
What are the odds that California defaults on its debt payments? Using the market for credit insurance as a guide, one in four within five years. Those are amazing odds, signalling that those who buy insurance on debt think that the federal government will allow California to fail where it thought that AIG and Citigroup simply had to be rescued.
In the past month, rating agencies have warned that California’s $24 billion budget shortfall for the fiscal year beginning in July threatens its credit ratings — its mark of A already makes it the lowest-rated state in the U.S. on Standard & Poor’s…
25Jun2009 | The Real Deal | 0 comments | Continued
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