I think a lot of people are holding “Detroit” type bonds and have no idea that they will get burnt in the future. Many are going to be in for a shock in the near future when they get stiffed by the state and municipal bloated union pension and medical benefits and receive pennies, if anything, on a dollar. The Feds will step in to pull a Government Motors illegal pay their buddies over other creditors scam.
Detroit is a tiny canary in a very big coal mine.