Originally published at Notes from the bunker…. You can comment here or there.

Fascinating piece about the various states and municipalities spiraling into a financial abyss. What is amazing is the incredible candor of Gov. Christie of NJ. I dont cut NJ any respect but, geez louise, this guy says it like it is and so far hasnt been afraid to swing the axe. He says that the service cuts, funding cuts, state payroll cuts and similar ‘de-funding’ isn’t going to be anything unique to NJ…its gonna hit everywhere, some places even worse, and that his actions are simply the vanguard of what every state is going to have to do. Very much worth watching, I think.