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MONDAY, APRIL 21, 2014 | TIPS Subscribe to the breaking newsWhat is RSS?
COVER Page ALL News CHOICE VIDEOS User COMMENTS
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?
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Unashamed of the Gospel


Jon Couch
Contending Or Pretending?

This Day Ministries
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James Taylor (Redhill)
Let Me Hear Thy Voice

Hope Chapel Redhill
Prayer Meeting
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Lewis Kiger
Angels Elect and Evil

Baptist Bible Doctrine in 1yr
Memorial Heights Baptist
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Jason Shults
The humility of Christ

Memorial Heights Baptist
Sunday Service
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Sermon:
Him Shall You Hallow
Scott T. Brown

Sykesville, MD | zip
Liberty Church, PCA

Preach­ing thr­ough the Gospel of Mark.
www.libertychurchpca.org






                   
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