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State Budgets

It seems that state governments will provide the next wave of crises to rival that of the Eurozone.  Unfortunately for states, they cannot inflate their way out of debt without help from big brother Federal Government.   It is no wonder that investment banks have tried to get me long the Muni/Libor basis because of the attractive “relative value”.  I have a feeling that they are merely trying to facilitate a way for smart investors to short the municipal/state bond markets.

Posted in Markets, Politics.

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