Professor Elam

Mish reports on Dec 3 that AZ is now tapped out in two weeks on a large credit line. Now what?

As any student of govt accounting knows, inter fund transfers!  Mish points out that this is rather like check kiting, borrowing from peter to pay paul hoping that Suzie will pay us so we can repay peter in time. 

AZ is one of the four hardest hit states with real estate collapse, so it stands to reason they are pressed on property tax collections. Can you name the other three, CA, NV, FL….