Selling Public Bonds Privately
BURLINGAME — Here’s a sliver of good news in the California fiscal
mess: Although the treasurer’s office has said the state is not selling
any new bonds given the cash crunch and $42 billion deficit, some state
agencies and other government entities may be able to sell bonds anyway.
How?
Privately.
Call it do-it-yourself bond sales. I got the 411 on this Thursday night
at the meeting of the Independent Citizens’ Oversight Committee, the
board that oversees the California Institute for Regenerative Medicine,
the state’s stem cell research agency.
Situation Bleak for California’s Ports
No water for showers. Government in chaos and broke. Schools being shut down. Roads and bridges falling apart and in disrepair. All that is missing in California is an occupying force.
The bleak political news out of Sacramento is only surpassed by the continued worsening of the global economy and massive decreases in cargo volumes through California’s ports. The Port of Long Beach suffered an incredible 25% drop in volume for the month of December – and the numbers look like they will be worse in 2009. One shipowner recently took delivery of six new containerships – and immediately parked them off the coast of China. Layoffs continue. Longshoremen are without work. Over 200 vessels are idle around the world and at anchor due to the recession and the lack of cargo. For more information about the dire condition at California’s ports, take a look at CalTrade for a complete picture.
It’s a Bet on Super Monday
Now that Super Bowl Sunday is over (congratulations Pittsburgh Steelers on winning the Super Bowl), I wonder if this will be Super Monday when a deal on the budget is announced. Perhaps it will happen tomorrow, making that Super Tuesday. The betting here indicates that a budget deal will be announced soon.
If there is a deal we’ll learn what’s in it, which will set off screeching sirens from one interest group or another dissatisfied with what was given up to bring folks on the other side to the table. In true Super Bowl betting fashion, we could take odds on how the reactions to a budget deal will play out.
Yes, I know it’s a bit premature since we don’t know what’s in the deal, but betting on anything related to the Super Bowl occurs before the kickoff and we can make some good guesses on budget proposals and reactions to them. If the Las Vegas sports books can lay odds on what song Bruce Springsteen will deliver first in the half time show, Fox & Hounds Daily can open up the books on some pre-budget deal bets.