Many Municipalities Now Underwater

Fortune magazine has a nice article about the misfortunes of our country's municipalities. It wasn't just home buyers or Wall Street investment banks that drank the punch; everyone drank the punch.

In the early 1990's the County of Orange in California went broke. We can expect much of the same, but writ large -- cities, counties, pension funds, and even states will be feeling lots of pain for a long time to come.