Wednesday, December 24, 2008

States will go bankrupt now too.

And if you'd like to know which ones, you can do the legwork or you can simply look at Goldman Sachs, who is angering politicians by recommending credit default swaps against a few states. The usual suspects are on that list including California, Florida, and Michigan of course, but it also includes a few others such as Ohio, Wisconsin, and New Jersey. We'll be bailing all of them out too -- which incidentally is probably a lot better way to use bailout money than to give it to companies pretending to be banks (like GMAC).

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