WCNC stumbles toward an important story — the link to the DC bank bailout “helping” local bond issues is totally spurious — but the headline is correct: Will economy affect Meck County bonds on the ballot?

It already has. As we noted the other day, interest rates are up. The bailout — any bailout — cannot fix this. We have a fundamental re-pricing of risk. The muni bond market is completely risk adverse, yet knows that local tax revenues will be squeezed in an economic slowdown. Debt will then, therefore, be more expensive, certainly more expensive than local officials planned for, possibly more than the jurisdiction — any jurisdiction — can comfortably service.

Talking about what the county or the city needs is bogus. It is irrespnsible. Instead, it should be all about what we can afford given the new realities. Right now, it is much, much less than local leadership wants to admit. Trainwreck dead ahead.

And now, the Ting Tings.