The Muni Mess Is Getting Worse
While no one is looking, muni’s are starting to take it on the chin. Investors in the area have seen a 5% drop in the last two weeks, so they are well aware of the problems, but the broader markets aren’t yet taking notice. The press has finally picked up the story, with California leading the way (lower) by pricing a Revenue Anticipation Note (RAN) that is stuck in the mud.
The problem? Municipalities are driving off a cliff, heading toward insolvency at a break-neck pace. The weak ones go first, just like animals on the plains, but soon we get into the main herd. Unfortunately, we all know the most likely end game – a government bail out for cities and states.
We are nearing the time when vulture investors should be watching muni’s more closely, as they will represent fabulous long-term value when the start crashing.
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