When States Default: 2011, Meet 1841

Do you think this is will be the first time the USA or states in the US defaulted on their debt? Thin again ....

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.

When States Default: 2011 Meet 1841