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A parable about how one nation came to financial ruin. – By Charles Munger – Slate Magazine
New York State of Disrepair – WSJ.com
Liz Pulliam Weston: Broke? Calculate your debt ratios – MSN Money
Federal Reserve talk belies likely action on money supply – Bill Fleckenstein
Why the IMF should deal with Greece – [...]

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The New York State Court of Appeals has ruled that the Atlantic Yards basketball project can go forward as planned, dislocating the residents in the Brooklyn, NY area where the stadium is to be built.  In essence, the decision means the state can evict you from your own home, seize your property, and give you [...]

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In the wake of a few significant elections in the American states of New York, New Jersey and Virginia, a lot of pundits are putting their spin on what these elections mean for Barack Obama and his political agenda. On the whole, I find most of the conclusions partisan leaps of faith.
So, I wanted [...]

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Why aren’t more municipal bonds being downgraded by the ratings agencies Fitch, Moody’s and S&P?  If you look at sovereign debt in revenue-constrained countries like Greece, Portugal or Ireland, the ratings agencies are issuing warnings. 
But, states and municipalities are suffering from the same revenue constraints. Tax revenues have plunged. Governments have shut down services [...]

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Three years ago, MetLife agreed to sell the community of Stuyvesant Town (Peter Cooper Village) to Tishman Speyer and BlackRock for the exorbitant sum of $5.4 billion at the top the market. That deal has now gone completely pear-shaped and bankruptcy is expected soon in another bizarre chapter in the history of one of the [...]

Rohatyn, a Democrat, talks about the role of government in crisis, infrastructure spending and lessons from New York City’s near economic collapse n the 1970s from his perspective. Royatyn is widely credited with saving New York City from bankruptcy. His tale makes for a good precedent for today’s economic woes.