In the most conclusive sign yet that the apocalypse is upon us, the lead story in today’s New York Times is about municipal bond ratings. Apparently a few state treasurers are getting mad about the fact that their bonds are graded differently than corporate bonds–Moody’s, for example, gives five different grades for munis that all [...]
My new column is in the issue of Time with the large-eared-man on the cover and online here. It begins: Over the past few months, we have heard banker after Wall Streeter after mortgage lender declare that market conditions are the worst since they got into the business. Some go even further. “The worst market [...]
