I wish there was a better way to bet against the finances of America’s cities, but MUB is about the closest thing I can find. It’s looking pretty weak, and I could easily see this thing getting down to 97 or so in the next few months. My own little town of Palo Alto is neck-deep in cash right now, thanks to the largesse of neighboring Stanford University. Our policeman and firefighters all make way into the six-figures each year, which, ummm, I think is kind of excessive. In any event…..
