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Jefferson County, Alabama, declared the largest municipal bankruptcy in U.S. history, capping a more than three-year saga that turned it into one of the biggest casualties of Wall Street's credit crisis.
The Chapter 9 filing leaves creditors including JPMorgan, the biggest U.S. bank by assets, facing hundreds of millions of dollars in lossesand may revive concern that defaults will rise in the $2.9 trillion municipal bond market. The move also leaves residents of the county that’s home to Birmingham, the largest city in the state of 4.8 million people, facing unsustainable sewage fees to repay the debt that led to the debacle.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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