Orange County Official Calls California The "Frog In The Sub-Prime Frying Pan", Sees Risk Of Muni Default Crash

"For a public official, Orange County tax collector Chriss Street is pretty outspoken. He has his own blog with recent posts like: Goldman Sachs is out of lipstick. He also put out this report on the sorry state of California finances, which he describes as the "Frog In The Subprime Frying Pan." If politicians don't come together to do the right thing, he argues, a wave of muni defaults is coming."