Tag Archives: state and local debt

Wall Street’s War Against the Cities: Why Bondholders Can’t – and Shouldn’t – be Paid

Posted on August 30, 2012 by Devin Smith | 10 comments

The pace of Wall Street’s war against the 99% is quickening in preparation for the kill. Having demonized public employees for being scheduled to receive pensions on their lifetime employment service, bondholders are insisting on getting the money instead. It is the same austerity philosophy that has been forced on Greece and Spain – and the same that is prompting President Obama and Mitt Romney to urge scaling back Social Security and Medicare.