Steven Malanga: The 'Build America' Debt Bomb - WSJ.com
"One sure signal has been the sharp rise in the cost for investors to insure against default.
In June, the price of a contract protecting an investor from a default by Illinois on its bonds rose to a record high of $309,100 on $10 million of debt over five years, according to CMA Datavision.
The national average for states is $190,000 per $10 million in debt.
At that point, Illinois surpassed California as the worst credit risk among U.S. states"
Grab a drink and read it all.
This is scary!