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We're down to the Federal Reserve... China stopped buying our long term bonds and has drastically cut back on the 7 year bonds. China isn't alone in that financial move away from purchasing US debt.That "If" is getting smaller everyday...If (its really more of a "when" since the voters turned down tax hikes) California debt becomes backed by the federal government, moodies has threatened to downgrade the California credit rating... I believe that would cascade across other states as they also looked to the Fed for a bailout and eventually bring about the decline of the federal credit rating.
We're down to the Federal Reserve... China stopped buying our long term bonds and has drastically cut back on the 7 year bonds. China isn't alone in that financial move away from purchasing US debt.
That "If" is getting smaller everyday...
If (its really more of a "when" since the voters turned down tax hikes) California debt becomes backed by the federal government, moodies has threatened to downgrade the California credit rating... I believe that would cascade across other states as they also looked to the Fed for a bailout and eventually bring about the decline of the federal credit rating.
