60 MINUTES: "THE DAY OF RECKONING" FOR STATE AND LOCAL GOVERNMENTS

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Municipal bonds anyone?

Bizarrely, many retail investors are chasing "high" yields by investing in municipal bonds.

What are they smoking?

California, Nevada, Arizona, Illinois. New Jersey, New York, Florida, and more...they're all going broke.

And that's just the states. The same is going on in counties, cities, towns and that gaping black hole that no one ever talks about, public school districts.

As someone who's observed the operations of local governments in California and New York over the last fifteen years, this comes as no surprise.

The level of fraud, incompetence and sheer arrogance at this level of government is mind bending. It's been a "free lunch" for thousands (hundreds of thousands?) of crooks that would make even the Mafia blush for its audacity.

The chickens are finally come home to roost. Watch for massive financial fireworks in the next 12 months.

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