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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Muni `Race to Bottom' May Cost $1 Trillion, Former Los Angeles Mayor Says |
Bloomberg - July 23, 2010 - By Andy Fixmer and Christopher Palmeri
U.S. cities and states may need more than $1 trillion of federal assistance in the next three years to stave off financial failure, former Los Angeles Mayor Richard Riordan said.
Local governments are in a “race to the bottom” and U.S. taxpayers will inevitably be called on to bail them out, Riordan said in an interview at Bloomberg News’s Los Angeles office. The federal government should make pension, health-care and school reform a condition of receiving the aid, he said yesterday.
“It’s not just L.A., it’s not just California, it’s all over the country, you’re going to see all these entities become totally insolvent,” Riordan said. “I think the federal government has to come in and have a list of what the states have to do to be saved.”
Riordan envisions incentives modeled on President Barack Obama’s “Race to the Top” aid to school districts. To receive funds, state and city officials should be prodded to cut public- employee pension benefits, renegotiate union work rules and add charter schools to improve student performance and save on costs, he said.
Riordan said the need for federal help will be unavoidable and when it comes Obama will have to demand concessions from unions.
“I think he would have zero chance of getting reelected if he didn’t,” Riordan said.
States, recovering from the longest recession since the Great Depression, have projected budget deficits of $116 billion for fiscal 2011 and 2012, according to a report last month by the National Governors Association and the National Association of State Budget Officers.
Pension Funds
State public-employee pensions are underfunded by $438 billion and estimates using different accounting methods suggest a number as large as $3 trillion, according to an April report from the American Enterprise Institute for Public Policy Research.
States can’t count on the federal government for more aid, Erskine Bowles, co-chairman of the National Commission on Fiscal Responsibility and Reform, said at the governors association meeting in Boston this month.
Investors won’t keep buying municipal debt to help cash- strapped cities and states finance operations, Riordan said.
For the complete article visit Bloomberg.com
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