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Not certain. Many if not most munies are supported by third party insurance, such as Lloyds of London in case of default. And all are supported by the power to
by every 6y ago
Not certain. Many if not most munies are supported by third party insurance, such as Lloyds of London in case of default. And all are supported by the power to tax. COVID is a temporary disruption that will hopefully soon pass. We'll see...
- dragontamer 6y agoAnd AIG insured many mortgages. Remember 2008? Insurance is good for small-scale disasters, not large-scale ones like 2008 Mortgage bubble or COVID19. -------- For most city level governments, things like Theater, Restaurants, Sport-events, Conferences, Gambling, Malls, Tourism, Hotels, Gasoline Tax (aka Driving), serve as a major leg of their tax revenue. All of which has been severely restrained by current events.