Investor Daily: Analyst says California will default on debt - Jun. 25, 2009: "Asked to put odds on California defaulting on its $59 billion in outstanding general obligation bonds, Weiss doesn't hedge. 'It's unavoidable,' he tells Fortune.
If he's right, the impact on investors would be far broader and deeper than Bernie Madoff, General Motors (GMGMQ) or any of the other investment implosions that have occurred over the past year."
I keep hearing people on TV saying that the economy has turned the corner and they see the light at the end of the tunnel and so forth--and I think they are just saying whatever will induce people to buy stuff. From where I sit, it looks as though there is a whole lot more bad economic news coming down the pike.