The reality is that most states and local governments are in dire straights, committed to spending money that is not going to come in. Either very large tax hikes or large budget cuts in spending and employment are coming, and either way it is a huge drag on the faltering economy.
I continue to see little chance of avoiding a return to recession, and this time it will be both worse and probably global in nature. Greenspan's Gambit is only delaying the inevitable.
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