California Municipal Bonds at Work

http://www.futureofcapitalism.com/2011/06/california-municipal-bonds-at-work

If you needed any more evidence that California municipal bonds are out of control, this story from the San Jose Mercury News is a classic: The San Mateo County Community College District is using some of the proceeds from a $468 million tax-exempt bond offering to fund a fitness club "available to the larger community on a membership-fee basis." It would "house workout space, locker rooms and a lobby in a model similar to athletic clubs."

Why would anyone need privately owned or operated fitness clubs when the government can build ones financed with tax-exempt bonds?

Thanks to reader-participant-community member-watchdog-content co-creator A. for sending the tip.

by Editor  |  Jun 15, 2011 at 10:41 pm Related Topics:  Government ownership, Government Spending receive the latest by email: subscribe to the free futureofcapitalism.com mailing list