Professor Elam

We have spotlighted the debt problem from California to Dubai, from the Cowboy Stadium to City Center in Las Vegas. We went micro and highlighted the Northeast ISD here in San Antonio, as well as a failed new museum. Here is a look at other debt bubbles. Note that the US is financiing more and more debt for  shorter and shorter term. This is precisely what Bear and Lehman were doing with using commercial paper to leverage holdings of long term mortgages. When the mortgage payments fell behind, well, we were short a few musical chairs.