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Open original source ↗The bond market is waking up to the fraud.
Politicians may be able to sweep this under the rug but nothing can stop the bond market…
Pain is coming via interest rates on muni and state bonds…no bond holder wants to be the bagholder for waste, fraud and abuse.
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This is insane. With no desire to stop the fraud, California politicians insist that they will start taxing property and assets of the richest Californians now. When these richest Californians leave, which I guarantee they will, especially when they understand the extent of the rot, the middle class will be the only group left to plug the hole because they are the largest collective taxpayers in the state.
chamath ↗