If your in a house of glass do not throw stones. I received a lot of flak for saying to short muni's in a recent blog then I stumble over this on CNBC........
In the municipal bond market, traders have been watching the continuing saga of Jefferson County, Alabama sewer bonds."We're waiting on what could potentially be the largest bankruptcy in muni history ... They're supposed to have something out tomorrow," said Peter Delahunt, senior vice president and national sales manager at Raymond James. Delahunt said the county has failed to make counter party payments for some time now and it's possible the deadline could again be postponed. "The insurance companies that are on the hook are pushing for foreclosure so they could take over the sewer system and raise rates, and that may not be politically palatable," he said
But forget about this news flash, nothing is better than Lord Flasheart himself, you have to watch all of this when the boss isn't looking.
http://www.youtube.com/watch?v=h3jEdW1zYDU&feature=related
Still have not reloaded the market shorts but definately starting to shine the revolver.
Giddy Up
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