Upcoming Crisis in State and Municipal Bonds

University of California Berkeley, one of the nation's finest - getting clobbered by state budget cuts

Here is a segment on another part of the financial crisis: the approaching bankruptcy of state and municipal budgets and with it, the failure of states and cities to meet their bond obligations. The last stimulus package helped a bit, but now the money is running out. Used to be that among the safest investments were municipal and state bonds. No more… Here is a CBS `60 minutes’ segment. Very well done.