"If at the start this cancerous growth in the nation was not particularly noticeable, it was only because there were still enough forces at work that operated for the good, so that it was kept under control. As it grew larger, however, and finally in an ultimate spurt of growth attained ruling power, the tumor broke open, as it were, and infected the whole body." The White Rose, Munich 1942
J. P. Morgan and Charles Schwab have just announced a program to make municipal bonds more available to small investors.
Let's see, record low interest rates and looming risk of default from undisclosed obligations, or perhaps a brisk uptake in inflation. Sounds like a plan (for the big dogs to unload).
Yikes!
