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	<title>The Public Purse &#187; liquidity</title>
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		<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>
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		<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>
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		<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>
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