Category Archives: Muni Bonds

Chart of the Day: California’s Volatile Revenue Base

The following chart is from the California Legislative Analyst’s Office (LAO) and is indicative of the state government’s unstable revenue base.   The government receives a higher proportion of its revenue from personal income taxes than most states, which is also … Continue reading

Posted in Bonds, Budget Deficit, Chart of the Day, Fiscal Policy, Muni Bonds, Muni Market, State and Local Government | Tagged , | 6 Comments

While Washington (and the Fed) Fiddle…..

Sorry about the hiatus.  We’ve been working on a special project that could be big and will share when and if possible. Thought we’d start by re-posting our gas price sensitivity analysis to show the cost of the U.S. government’s … Continue reading

Posted in Black Swan Watch, Bonds, Budget Deficit, Commodities, Muni Bonds | Tagged , , , , , | Leave a comment

California [Bad] Dreamin’

Posted in Employment, Muni Bonds, Muni Market | Tagged , | Leave a comment

State and Local Governments, Man Your Battle Stations!

Take a look at the new cover of the Economist. We have been all over the coming “battle royal” between the state and local governments and their public sector unions, but not as much as Mike Shedlock over at the … Continue reading

Posted in Black Swan Watch, Bonds, Budget Deficit, Muni Bonds, Muni Market, Sovereign Risk | Tagged , , , | 1 Comment

Did the Russell 2000 predict the better than expected ADP?

Did you notice the better than expected ADP employment report this morning.  It was the largest monthly jump ever in this report, with most of the jobs created in small and medium sized businesses? Recall we wrote on January 3rd … Continue reading

Posted in Budget Deficit, Currency, Employment, Fiscal Policy, Muni Bonds, News, Policy, Politics | Tagged , , , , | 2 Comments

Betting on a Jobs Recovery, Christie, and Brown….

Like others, we can’t help but notice the massive outperformance of small caps in 2010, with the Russell 2000 doubling the performance of the S&P500. The Russell was up over 25 percent in 2010.  Isn’t this only supposed to happen … Continue reading

Posted in Bonds, Budget Deficit, Economics, Employment, Equities, Fiscal Policy, Muni Bonds, Muni Market, Politics | Tagged , , , | 2 Comments

Outrage Grows Over Public Sector Unions – NY Times

We’ve posted how underfunded state and local pensions are going to be a huge economic and political issue in 2011.   Go no further than the New Year’s Day NY Times article, Across the nation, a rising irritation with public … Continue reading

Posted in Muni Bonds, Policy, Politics, Sovereign Risk | Tagged , , , | 5 Comments

George Will on Coming War Over Public Pensions

Be sure to catch George Will’s Washington Post piece on the coming battle in the new Congress over state and local public pensions.   In early December, we posted the report by James Pethokoukis of a secret Republican plan to push … Continue reading

Posted in Black Swan Watch, Bonds, Budget Deficit, Fiscal Policy, Muni Bonds, Muni Market, Policy, Politics | Tagged , , | 1 Comment

Day of Reckoning for State and Local Governments

A must view 60 Minutes on the fiscal disasters of state and local governments.  Meredith Whitney and New Jersey Governor Chris Christie weigh in.  Check it out. Click here for video

Posted in Black Swan Watch, Muni Bonds, Politics, Video | Tagged , , , , , | 3 Comments