I talked about Houston before here. Their pensions is in a terrible mess.

Here is the Bloomberg article.  The nerve racking thing is, all this could go south in a twinkling of an eye.

Moody’s, which in 2013 began using a lower rate than governments do to calculate future liabilities, has estimated that the 25 largest U.S. public pensions alone have $2 trillion less than they need. Cincinnati and Minneapolis are among cities Moody’s has since downgraded.

They talk about not only Houston, but Chicago and, of course, CA.