Sure, the IQ of your average national Congressman might not be any higher than your average city councilman, but at least at the federal level they get lots of help from trained and educated bureaucrats who actually know what they're doing -- people at the Congressional Budget Office and General Accounting Office, for example. City councils are too often the "short bus" of our representative democracy. Bloomberg says that more than 85% of tax-free municipal bonds will be sold this year without any competitive bids -- 'cos in small towns a man's word is still his bond, and we small town folk do business on a handshake, and trust is our currency, blah, blah, blah.
By William Selway
October 27, 2009 | Bloomberg
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