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Pained Muni Investors Cry Uncle
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Municipal yields are back up. The Center on Budget and Policy Priorities says states in the USA will have to close budget gaps of $140 billion in fiscal year 2012, ending in June, down from $160 billion this year. But real shortfalls will increase because federal stimulus funds that helped state and local governments will fall from $59 billion this year to $6 billion next year. Local governments depend on states for one third of their revenue, according to a Congressional Budget Office report, which makes them vulnerable. Property taxes account for a quarter of local government revenue and this too will be declining with declining assessed values. The Federal Reserve Act limits open-market purchases of munis to ones with maturities of less than 6 months, which reduces the scope for help from the Fed.
Municipal bond issuance by local governments and states in the US- 2010-2012
11/18/2010
Grouped Articles
California Bond Woe Bodes Ill for States
Wall Street Journal 11/18/2010
The Weak Get Weaker as Muni Bonds Are Sold Off
Wall Street Journal 12/19/2010
Pained Muni Investors Cry Uncle
Wall Street Journal 12/22/2010
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
Bond Buyers' Eyes Are on Illinois
Wall Street Journal 01/07/2011
Illinois Deficit Leads to Talk of Big Tax Increase
New York Times 01/09/2011
The financing of local and regional governments in the U.S.- 2010-2011
08/28/2010
The impact on state and local governments as investors demand higher yields from some states and regional governments. The impact on state budgets of higher financing costs.
Grouped Articles
U.S. Cities Grapple With Finances
Wall Street Journal 10/30/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
The Weak Get Weaker as Muni Bonds Are Sold Off
Wall Street Journal 12/19/2010
Banks Look to Profit on Muni-Bond Fears
Wall Street Journal 12/21/2010
Pained Muni Investors Cry Uncle
Wall Street Journal 12/22/2010
Wall Street Journal 12/24/2010
Credit Default Swaps (CDS) on the debt of U.S. cities and states
12/21/2010
CDS on municipal debt. Efforts by investment banks to sell derivatives on municipal debt.
Grouped Articles
Banks Look to Profit on Muni-Bond Fears
Wall Street Journal 12/21/2010
Pained Muni Investors Cry Uncle
Wall Street Journal 12/22/2010
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
Bond Buyers' Eyes Are on Illinois
Wall Street Journal 01/07/2011
Meredith Whitneyâs Muni Bond Prediction Draws Scrutiny
New York Times 02/07/2011
In Muni-Bond Ills, Danger and Hope
Wall Street Journal 02/09/2011
State budgets in the U.S. as the economic crisis hits states hard in 2009.
07/03/2009
California is down to issuing warrants or i.o.u.'s to pay taxpayers, local governments and vendors. Other state governments face difficult situations.
Grouped Articles
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
Coffers Empty, California Pays With I.O.U.’s
New York Times 07/03/2009
Eighty Years After the Great Crash -- 'Is It the '30s Again?'
Wall Street Journal 10/18/2009
8 Arrested in Protest at Berkeley Chancellor’s Home
New York Times 12/13/2009
State, Local Tax Revenues Decline 7%
Wall Street Journal 12/30/2009
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