Land values soared. States splurged on new programs. Then it all went bust, bringing down banks and state governments with them. This wasn't America in 2011, it was America in 1841, when a now-forgotten depression pushed eight states and a desolate territory called Florida into the unthinkable: They defaulted on debts.Some forgotten history.
Thursday, January 06, 2011
When States Default: 2011, Meet 1841
The Wall Street Journal reports:
