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	<title>The Public Purse &#187; pensions</title>
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		<title>San Diego City’s Financial Crisis: The Past, Present and Future</title>
		<link>http://www.thepublicpurse.com/2010/06/09/san-diego-city%e2%80%99s-financial-crisis-the-past-present-and-future/</link>
		<comments>http://www.thepublicpurse.com/2010/06/09/san-diego-city%e2%80%99s-financial-crisis-the-past-present-and-future/#comments</comments>
		<pubDate>Wed, 09 Jun 2010 14:29:59 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[Taxpayer v. union]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[cities]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[pensions]]></category>
		<category><![CDATA[California]]></category>
		<category><![CDATA[Chapter 9]]></category>
		<category><![CDATA[fiscal emergency]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>
		<category><![CDATA[municipal bond default]]></category>
		<category><![CDATA[state and local politics]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=979</guid>
		<description><![CDATA[The Grand Jury of San Diego issued a report of this title yesterday.  Also, at yesterday’s GFOA (Government Finance Officers Association) business meeting, the group voted  that the Government Accounting Standards Board should stay away from the topic of sustainability.  The only conclusion one can draw from the Grand Jury report is: the city of [...]]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Menlo Park pension initiative vs. union</title>
		<link>http://www.thepublicpurse.com/2010/04/18/menlo-park-pension-initiative-vs-union/</link>
		<comments>http://www.thepublicpurse.com/2010/04/18/menlo-park-pension-initiative-vs-union/#comments</comments>
		<pubDate>Sun, 18 Apr 2010 20:45:31 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Taxpayer v. union]]></category>
		<category><![CDATA[pensions]]></category>
		<category><![CDATA[ballot initiatives]]></category>
		<category><![CDATA[direct democracy]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=875</guid>
		<description><![CDATA[See highlighted article about the struggle among a group promoting an initiative to curb costs: covering pensions for new employees&#8217;, raising the new employee retirement age and capping the pension formula. The initiative also would prevent the city council from passing retroactive increases (which is what Detroit did in the middle of its fiscal mess).  Looks [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Municipal Market Meltdown?  Response to Bookstaber</title>
		<link>http://www.thepublicpurse.com/2010/04/09/municipal-market-meltdown-response-to-bookstaber/</link>
		<comments>http://www.thepublicpurse.com/2010/04/09/municipal-market-meltdown-response-to-bookstaber/#comments</comments>
		<pubDate>Fri, 09 Apr 2010 14:33:28 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[Voter initiatives]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[bond insurance]]></category>
		<category><![CDATA[housing mess]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[pensions]]></category>
		<category><![CDATA[securities lending]]></category>
		<category><![CDATA[states]]></category>
		<category><![CDATA[ballot initiatives]]></category>
		<category><![CDATA[community development district]]></category>
		<category><![CDATA[direct democracy]]></category>
		<category><![CDATA[liquidity]]></category>
		<category><![CDATA[municipal bankruptcy]]></category>
		<category><![CDATA[municipal bond default]]></category>
		<category><![CDATA[ratings]]></category>
		<category><![CDATA[state and local politics]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=839</guid>
		<description><![CDATA[We have two opposing camps in the muni-market at the moment: those who say it is the next systemic shoe to drop and the rating agencies that are systemically raising ratings.
Which is right?
We have moved from a market that has had heavy intermediation from the bond insurance companies to one where investors are on their [...]]]></description>
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		<slash:comments>5</slash:comments>
		</item>
		<item>
		<title>State of the States &#8212; liquidity is becoming an issue</title>
		<link>http://www.thepublicpurse.com/2010/02/13/state-of-the-states-liquidity-is-becoming-an-issue/</link>
		<comments>http://www.thepublicpurse.com/2010/02/13/state-of-the-states-liquidity-is-becoming-an-issue/#comments</comments>
		<pubDate>Sat, 13 Feb 2010 04:15:42 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[bankruptcy and default]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[pensions]]></category>
		<category><![CDATA[states]]></category>
		<category><![CDATA[fiscal stress]]></category>
		<category><![CDATA[state and local politics]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=653</guid>
		<description><![CDATA[Several states are showing scary illiquidity.  New Jersey&#8217;s governor just yesterday impounded funds the legislature had already appropriated and announced a state of emergency.  He stopped short of &#8220;declaring&#8221; emergency, which would have given him special powers over contracts.  New Jersey comes up high on the list of states with big budget gaps, heavy pension [...]]]></description>
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		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Pensions and Securities Lending: Update</title>
		<link>http://www.thepublicpurse.com/2009/11/24/pensions-and-securities-lending-update/</link>
		<comments>http://www.thepublicpurse.com/2009/11/24/pensions-and-securities-lending-update/#comments</comments>
		<pubDate>Tue, 24 Nov 2009 12:36:15 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[pensions]]></category>
		<category><![CDATA[fiscal stress]]></category>
		<category><![CDATA[liquidity]]></category>
		<category><![CDATA[securities lending]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=374</guid>
		<description><![CDATA[Further to our discussion of Detroit&#8217;s pension, we see that Missouri&#8217;s public pension is in a lawsuit with State Street Bank over their securities lending program.  These programs are intended to act like demand deposits &#8212; but the dollars are huge, so any movement of large blocks of funds are likely to affect liquidity.  What with [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Detroit, pensions and securities lending: cops, COPS and swaps</title>
		<link>http://www.thepublicpurse.com/2009/11/10/detroit-pensions-and-securities-lending-cops-cops-and-swaps/</link>
		<comments>http://www.thepublicpurse.com/2009/11/10/detroit-pensions-and-securities-lending-cops-cops-and-swaps/#comments</comments>
		<pubDate>Tue, 10 Nov 2009 16:29:35 +0000</pubDate>
		<dc:creator>Natalie Cohen</dc:creator>
				<category><![CDATA[Budget and Finance]]></category>
		<category><![CDATA[cities]]></category>
		<category><![CDATA[pensions]]></category>
		<category><![CDATA[Detroit]]></category>
		<category><![CDATA[fiscal stress]]></category>
		<category><![CDATA[liquidity]]></category>
		<category><![CDATA[securities lending]]></category>

		<guid isPermaLink="false">http://www.thepublicpurse.com/?p=309</guid>
		<description><![CDATA[The city of Detroit does not need another financial setback.  With unemployment topping 17% and ever increasing short term borrowing, the city is under an immediate survival imperative to cut spending or face insolvency.  State revenue sharing is being cut in the recent budget.  Local taxes, including the casino wagering tax are falling. 
The good news [...]]]></description>
		<wfw:commentRss>http://www.thepublicpurse.com/2009/11/10/detroit-pensions-and-securities-lending-cops-cops-and-swaps/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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