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RELIGION, CURRENT EVENTS, TECHNOLOGY Subscribe to the breaking newsWhat is RSS?
FRONT PAGE  |  9/18/2014
SUNDAY, JUN 23, 2013
Detroit Recovery Plan Threatens Muni-Market Underpinnings
Emergency Manager Kevyn Orr’s plan to suspend payments on $2 billion of Detroit’s debt threatens a basic tenet of the $3.7 trillion municipal market: that states and cities will raise taxes as high as needed to avoid default.

By calling into question the safety of any security backed by a government’s general obligation to pay what it owes, Orr, 55, imperils similar debt across Michigan, the eighth-most-populous state. As local governments strive to rebound from the longest recession since the 1930s, they may confront higher borrowing costs.

“It definitely sets a precedent, and there’s definitely going to be a penalty going forward for the city and the state,” said Dan Solender, director of munis at Lord Abbett & Co. in Jersey City, New Jersey. The company oversees $19.5 billion of local debt. ...


CLICK HERE to Read Entire Article
www.bloomberg.com

Response to economic crisis?
|  START  |  Recommended sermons | more..
•  Biblical Economics • Pastor John MacArthur | 6/15/2010
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The Briefing 01-15-14

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Sunday Service
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Bad Company Corrupts Good Morals

Curtis Knapp
Product: Paperback
$5 USD

Rev. John Marcus
A Workman Approved of God

Catechism Season
Protestant Reformed Church
Transcript!Play! | MP3

Steve Reynolds
Shrinking your church

Losing to live
Capital Baptist Church
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Mark B. Lawless
Thorny Field of the Slothful

Sundry Semons
Battlefield Baptist Church
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Be as busy as a bee, but never a busybody! ... Alexander Simpson

Las Vegas, NV
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