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Wall Street’s Tax on Main Street

AMID all the talk of debt and default in Washington last week, tiny Central Falls, R.I., went bankrupt.

Joe Songer/The Birmingham News, via Associated Press

"A protest of potential sewer rate increases in Jefferson County, Ala. One sign took aim at JPMorgan Chase, an adviser to the county on a bond deal.

Like many states and cities in these hard economic times, Central Falls — population: 19,000 — was caught short by hefty pension obligations and weak tax revenue. It may not be the last municipality to file for bankruptcy. Jefferson County, Ala., is now on the brink of it, thanks to a sewer bond issue gone wildly bad."



Read the full article at The New York Times


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