Sat Oct 23 2010
CA cannot pay its pension obligations. This is a link to Mish's blog but there are lots of other examples that he cites. Pittsburgh for example, is toast, they just will not admit it.
Chicago has already sold its parking meter revenue to the Texas State Teacher Retirement Fund. As Mish says doing such things without addressing the underlying problem is lunacy. We will be studying liabilities in Intermed Accounting. I suggest you continue such outside reading to get a grasp of just how widespread this problem is.
Professor Elam 
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