Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (72293)	1/31/2010 8:21:28 AM
From: Haim R. Branisteanu	3 Recommendations Read Replies (1) of 74559

Optical illusion - when most market savvy investor tally the national debt in EU and compare it for example to the US they add the debt of each country making up the EU to get a total comparable GDP to Debt ration and then compare the US GDP to government debt ratio. Such simplistic calculation worth millions when talking heads and Washington DC spinners come on the set completely ignore the Muni Market - which in reality is same as Gov.,debt only not federal. SIze of Muni markets is around 2.8 trillion growing by 300 to 400 billion this year and the issuance book is still open. Assuming both debt markets I do not see how the US debt to GDP ratio is in a better financial position to the PIIGS. US federal debt for 2009 is estimated over 12.8 trillions adding the Muni market we are over 105% of GDP government entities debt - which excludes agencies debt like FNM and FRE which are now government owned!!! Spain has 54% GDP to Debt ration and Italy around 110%

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