Asphalt Dividends

When a city needs to build a new high school, pave a highway, or upgrade its water treatment plant, it rarely has the cash on hand. Instead, the local government quietly borrows millions of dollars from Wall Street investors through an opaque, tax-free financial instrument known as the municipal bond.
This book strips the complexity away from the massive "muni bond" market, revealing how the everyday infrastructure around you is funded, traded, and leveraged. It explains the fascinating economics of how local mayors and city councils package the future tax revenues of their citizens to secure immediate cash, creating a sprawling web of municipal debt.
We explore the lucrative tax loopholes that make these bonds irresistible to the ultra-wealthy, and the devastating consequences when cities miscalculate their growth, leading to spectacular bankruptcies like Detroit or Stockton.
Follow the money behind the pavement. A deep dive into the invisible financial architecture that quite literally builds the foundation of your hometown.