May 21

State Of The States: New Jersey’s Problems Are Not “Mathematically Solvable”:

While the warning flags are raging in Illinois and Connecticut, JPMorgan’s Michael Cembalest states that New Jersey’s problems are “not mathematically solvable.” The stunning admission from a status-quo-sustaining bank that is “very focused on the total indebtedness of US states,” should be worrisome enough but as Cembalest explains the answer to a debt problem is not always piling up more debt – “when debt reaches a certain level, the can kicking is over and difficult decisions need to be made;” the issue is to address the root of the problem, which can be a delicate and at times politically incorrect topic.

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