Bankruptcy: Largest Ever Municipal Bankruptcy

Alabama county filed for bankruptcy over a $3 billion dollar sewer project.  The bottom line here is the county over extended itself, borrowed a boat load of money, putting their taxpayers on the hook, to build a sewer system.  While those that entered this deal, on the county side, are obviously grossly incompetent local governments across the country are facing similar stresses.  While this case can be blamed on a sewer project - -how apt-- the underlying problem is local governments with promises to pay pensions and healthcare obligations that their now stressed out tax base can not afford-----less income and estates to tax, coupled with a substantially lower expectation of ROI on investments, given the FED's zero interest rate policy.  Alabama is the largest bankruptcy today, let's see how long they hold the title.