Detroit may be a canary in the public finance coal mine, but there was no shortage of warning signals.
Meredith Whitney has been hounded by MSM schadenfreudeurs since she aired her ominous but accurate opinion on 60 minutes almost three years ago. The latest round of Whitney bashing occurred two weeks ago. My isn't it hilarious and newsworthy that half of her clients have left and she is down to one full time employee.
Gee wiz, maybe they are stupid clients who listen to the MSM.
Never mind that the oracle Warren Buffoon publicly jumped off the municipal bond bandwagon late last summer. Isn't he the same guy that owns a rating agency? Never mind that PhD geniuses employed by the Fed have warned of the hidden risks in municipal finance. Nevermind Harrisburg, Stockton, Jefferson County, Mammouth Lakes and San Bernadino. Those are all aberations so we are told. And Detroit is an idosyncratic financial phenomena. And Miami is an unfortunate example of bath salt finance.
Look at this chart.
Do you think this is an aberration or an idiosyncracy?
This chart has this moron's fingerprint's all over it.
I'm no expert in municipal finance, but I know a Ponzi when I see one. And I know what happens after this moron and his ilk have been around.
And just like the subprime sewer, you can bet there is more to this Ponzi than meets the eye.
Now didn't you always believe the Easter Island statues were simply heads?
Apparently they are not. And apparently this is nothing new and has been known for over two hundred years.
But if you do an image search of Easter Island, how many pictures like this will you find?
Which just goes to show...