'path' : '/id/41469440' , We want to hear from you. var dynamic_yield_enabled = 1 // Normally, Wall Street analysts are loath to criticize one another, at least on the record. The state has also released disclosures for state-run toll roads, toll bridges and universities.

} Instead, the number has fallen as cities slashed spending to balance budgets and state lawmakers stepped in to guard against insolvency and local bankruptcies. mps._queue.refreshads = mps._queue.refreshads || []; }); It’s fair to ask whether some states and cities are prepared to withstand another deep recession. In Harrisburg, where the City Council voted to prepare for a bankruptcy filing last month, state lawmakers crafted legislation to suspend aid for the municipality should it seek court protection. First of all, Whitney is hardly a “prophet.” Six months before her “60 Minutes” appearance, none other than Warren Buffett predicted a “terrible problem” for state and local government debt in the years ahead. Investors were pulling money out of municipal bond funds even before Ms.Whitney’s appearance on Dec.19, but in the weeks since, the pace of withdrawals has accelerated, with more than $14 billion coming out between Dec.22 and Feb.2. 'cat' : 'Markets' , Moody’s said in January that no state and only a few local governments would default this year on debt it rated, after none did in 2010. 's decision to use tax-exempts for planned $4B bond sale reflects market strength, analysts say, California revenues exceed pandemic-shrunken expectations.

Moody’s Investors Service said in a study released in February 2010 that the 10-year average cumulative rate in the municipal market was 0.09 percent from 1970 to 2009 for the securities it ranks, compared with 11.06 percent for corporate debt. Well, she’s back. “Like you or hate you, if you force investors to think, then you’ve done your job as an analyst,” said Richard X.Bove, a banking analyst at Rochdale Securities. Due to a presidential emergency declaration for Florida, the state expects 75% of eligible virus-related costs to be reimbursed by the Federal Emergency Management Agency. "":"no-")+"fn-start",[f.now(),r,o],n),o)try{return e.apply(this,arguments)}catch(t){throw c.emit("fn-err",[arguments,this,t],n),t}finally{c.emit("fn-end",[f.now()],n)}}}};a("actionText,setName,setAttribute,save,ignore,onEnd,getContext,end,get".split(","),function(t,e){h[e]=o(l+e)}),newrelic.noticeError=function(t,e){"string"==typeof t&&(t=new Error(t)),i("err",[t,f.now(),!1,e])}},{}],18:[function(t,e,n){e.exports=function(t){if("string"==typeof t&&t.length)return t.length;if("object"==typeof t){if("undefined"!=typeof ArrayBuffer&&t instanceof ArrayBuffer&&t.byteLength)return t.byteLength;if("undefined"!=typeof Blob&&t instanceof Blob&&t.size)return t.size;if(! var slotid = "mps-getad-" + adunit.replace(/\W/g, ""); In cases where financial control boards cannot prevent a default, the bondholders may not notice because the bonds are insured. document.cookie = "__adblocker=" + (adblocker ? “They’re not even close.” But the death knell isn’t necessarily higher interest rates, as the article describes. 'cag[attribution_source]' : 'The New York Times' , “If she doesn’t want to come forward in a venue like this, that makes a statement.”. 'cag[type_franchise]' : 'Mutual Funds|Market Outlook|Futures|Markets|Municipal Bonds' , There’s a reason the U.S. president is headed for defeat even as fellow populists in Turkey and India continue to thrive.

Whitney also sought to amend her prediction in the radio interview, saying that she said in December “you’d start to see defaults within 12 months.” She didn’t respond to telephone calls and e-mails seeking additional comment. “The data is not helping Meredith,” said Matt Fabian, a managing director at Municipal Market Advisors, a financial- research company based in Concord, Massachusetts. “Zooming in on the weakest links is downright scary,” the Whitney article says, pointing to Connecticut, Illinois and New Jersey. “You could see 50 sizable defaults, 50 to 100 sizable defaults, more. Others, especially municipal bond market players, have gone on the warpath.

The facts simply don’t support Whitney’s catastrophic predictions. But it’s simply revisionist history to say Whitney was right all along with her 2010 call, which ignited a bout of panic in the municipal market about events that never materialized. if (typeof mps.getAd != "function") mps.getAd = function(adunit) { To contact the author of this story:Brian Chappatta at bchappatta1@bloomberg.net, To contact the editor responsible for this story:Daniel Niemi at dniemi1@bloomberg.net, Why the Democrats’ Campaign Against Barrett Fell Flat, The Real Winner of the Work-From-Home Economy.

Their reckoning was a long time coming, and many of those bonds wound up in the hands of distressed funds. (function(){ “The facts just aren’t supporting” Whitney’s forecast, said J.R. Rieger, vice president of fixed-income indexes at S&P. Unfortunately, I don’t think she’s listening…. return true;

Can it get more overvalued? The benchmark iShares S&P National AMT-Free Bond Fund, with a $2.17 billion market valuation, has had a total return of 7.2 percent since Whitney’s “60 Minutes” appearance, according to data compiled by Bloomberg. But a number of academics and others who have studied pension, health care and other obligations of states and municipalities say bigger problems loom than just short-term budget deficits that stem from the recession. But, we can still make money off of Whitney’s forecast… by taking the opposite side. There are simply fewer of the so-called dirt bonds left to falter, he said. Ms.Whitney’s defenders say she is doing what she has always done — provoking investors into asking uncomfortable questions. d.setTime(d.getTime() + 60 * 60 * 24 * 30 * 1000); mps._queue.mpsloaded = mps._queue.mpsloaded || []; Got a confidential news tip?

Perhaps emboldened by that experience, she made another headline-grabbing prediction in a December 2010 broadcast of CBS Corp.’s “60 Minutes” program: There would be “50 to 100 sizable defaults” in the U.S. municipal market in the coming year, totaling “hundreds of billions of dollars.”, That didn’t happen. !e;this.xhrGuids&&this.xhrGuids[n]&&(delete this.xhrGuids[n],this.totalCbs-=1)}),f.on("addEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-added",[t[1],t[2]],e)}),f.on("removeEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-removed",[t[1],t[2]],e)}),f.on("fn-start",function(t,e,n){e instanceof m&&("onload"===n&&(this.onload=!0),("load"===(t[0]&&t[0].type)||this.onload)&&(this.xhrCbStart=a.now()))}),f.on("fn-end",function(t,e){this.xhrCbStart&&f.emit("xhr-cb-time",[a.now()-this.xhrCbStart,this.onload,e],e)})}},{}],16:[function(t,e,n){e.exports=function(t){var e=document.createElement("a"),n=window.location,r={};e.href=t,r.port=e.port;var o=e.href.split("://");!r.port&&o[1]&&(r.port=o[1].split("/")[0].split("@").pop().split(":")[1]),r.port&&"0"!==r.port||(r.port="https"===o[0]? “Meredith’s analysis highlighted problems in the muni market that have been known for years,” said Josh Rosner, a structured finance analyst at Graham Fisher & Company. But their tax revenue exceeded their 2008 levels only once in the following six years as the economy recovered from the recession, according to Census Bureau data. ‘Not Even Close’ } “We’re not at the point where cash levels for most governments are so weak that there’s a tradeoff between running the essential services and making debt-service payments,” said Richard Ciccarone, a managing director at McDonnell Investment Management LLC in Oak Brook, Illinois.

Walmart promo code: $10 off all departments, Get up to $800 off the iPhone 12 - AT&T Wireless promo code, TurboTax service code: $60 for Deluxe version, 50% off QuickBooks Self-Employed with Intuit coupon code, File state & federal tax returns for free at TaxSlayer, ‘Selling Uncertainty:' Hotels Grapple With Restrictions, Tourism Decline, Why East Asia Is Beating the West in Controlling Coronavirus, WSJ Opinion: Media Ignores Escalating Biden Family News Story, Amy Coney Barrett’s Nomination Heads for a Full Senate Vote, On the Mexico Border, Trump Administration Rushes to Build New Wall, News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. “We know municipalities are in trouble.

(function() { var _regex = /([^=&/<>()[].,;:s@"]+(.[^=&/<>()[].,;:s@"]+)*)@(([[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}])|(([a-zA-Z-0-9]+. Roubini in 2005 predicted a bubble in U.S. housing prices and correctly forecast the global credit crisis. Budget amendments for the state's response to the virus total about $526.3 million through April 10.

});

Folks, it’s simply not going to happen. mps._queue.adview = mps._queue.adview || [];

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meredith whitney muni

Michigan enacted a law this year giving state-appointed fiscal managers the power to take control of financially stressed local governments. Since Meredith Whitney's prediction, munis have bested Treasuries in all but one year. You can’t say that it’s zero but it’s given no sign of starting.” No doubt, some muni bonds will fail. 'cag[device]' : 'web' , a virtually guaranteed way to increase revenues, Meredith Whitney Is Wrong About Muni Bonds. Even if municipal issuers run into distress, a financial control board can shield bondholders from a default, as happened recently in Nassau County. Data is a real-time snapshot *Data is delayed at least 15 minutes. A long-planned Maryland light rail system, which has encountered financial and legal obstacles, could make it tougher for large-scale P3 transit projects, according to analysts. Meredith Ann Whitney (born November 20, 1969) is an American businesswoman hailed as “The Oracle of Wall Street” by Bloomberg. ‘Dirt-Bond’ Bubble She left her old gig and started her own company (creatively named Meredith Whitney Advisory Group). It may be unpopular, but it can and will happen, particularly in larger cities. Your local government will survive. // According to municipal bond experts, in the six weeks since Whitney’s proclamation, there’s been ONE default. Meredith Whitney had her day in the sun. For starters, states have the power to raise taxes — something private companies with a shortfall cannot do, Mr.Rosner of Graham Fisher said. var setAdblockerCookie = function(adblocker) { Ignore the fear tactics. Indeed, some fund managers say Ms.Whitney’s recent stock picks have not been money-makers. A timely warning shortly before the crash of 1987 made Elaine Garzarelli into a guru, but her star faded after she left her Wall Street perch and started her own firm in 1995. 'is_sponsored' : '0' , CNBC_Comscore = 'Markets'; Tags: iShares S&P National Muni Bond ETF (MUB), Meredith Whitney, muni bond investing, muni defaults, municipal bonds. mps._queue = mps._queue || {}; Noted Wall Street analyst Meredith Whitney appeared on 60 Minutes on Sunday night and voiced an ominous outlook for the municipal bond market. Ben Watkins, director of the Florida Division of Bond Finance, said it is important for the marketplace to know how the state is responding to the outbreak to prepare investors for what may ultimately happen. "We have no need for cash-flow relief or restructuring," said the treasurer of Dallas Area Rapid Transit, which continues to expand its rail services. Prediction Disputed

'path' : '/id/41469440' , We want to hear from you. var dynamic_yield_enabled = 1 // Normally, Wall Street analysts are loath to criticize one another, at least on the record. The state has also released disclosures for state-run toll roads, toll bridges and universities.

} Instead, the number has fallen as cities slashed spending to balance budgets and state lawmakers stepped in to guard against insolvency and local bankruptcies. mps._queue.refreshads = mps._queue.refreshads || []; }); It’s fair to ask whether some states and cities are prepared to withstand another deep recession. In Harrisburg, where the City Council voted to prepare for a bankruptcy filing last month, state lawmakers crafted legislation to suspend aid for the municipality should it seek court protection. First of all, Whitney is hardly a “prophet.” Six months before her “60 Minutes” appearance, none other than Warren Buffett predicted a “terrible problem” for state and local government debt in the years ahead. Investors were pulling money out of municipal bond funds even before Ms.Whitney’s appearance on Dec.19, but in the weeks since, the pace of withdrawals has accelerated, with more than $14 billion coming out between Dec.22 and Feb.2. 'cat' : 'Markets' , Moody’s said in January that no state and only a few local governments would default this year on debt it rated, after none did in 2010. 's decision to use tax-exempts for planned $4B bond sale reflects market strength, analysts say, California revenues exceed pandemic-shrunken expectations.

Moody’s Investors Service said in a study released in February 2010 that the 10-year average cumulative rate in the municipal market was 0.09 percent from 1970 to 2009 for the securities it ranks, compared with 11.06 percent for corporate debt. Well, she’s back. “Like you or hate you, if you force investors to think, then you’ve done your job as an analyst,” said Richard X.Bove, a banking analyst at Rochdale Securities. Due to a presidential emergency declaration for Florida, the state expects 75% of eligible virus-related costs to be reimbursed by the Federal Emergency Management Agency. "":"no-")+"fn-start",[f.now(),r,o],n),o)try{return e.apply(this,arguments)}catch(t){throw c.emit("fn-err",[arguments,this,t],n),t}finally{c.emit("fn-end",[f.now()],n)}}}};a("actionText,setName,setAttribute,save,ignore,onEnd,getContext,end,get".split(","),function(t,e){h[e]=o(l+e)}),newrelic.noticeError=function(t,e){"string"==typeof t&&(t=new Error(t)),i("err",[t,f.now(),!1,e])}},{}],18:[function(t,e,n){e.exports=function(t){if("string"==typeof t&&t.length)return t.length;if("object"==typeof t){if("undefined"!=typeof ArrayBuffer&&t instanceof ArrayBuffer&&t.byteLength)return t.byteLength;if("undefined"!=typeof Blob&&t instanceof Blob&&t.size)return t.size;if(! var slotid = "mps-getad-" + adunit.replace(/\W/g, ""); In cases where financial control boards cannot prevent a default, the bondholders may not notice because the bonds are insured. document.cookie = "__adblocker=" + (adblocker ? “They’re not even close.” But the death knell isn’t necessarily higher interest rates, as the article describes. 'cag[attribution_source]' : 'The New York Times' , “If she doesn’t want to come forward in a venue like this, that makes a statement.”. 'cag[type_franchise]' : 'Mutual Funds|Market Outlook|Futures|Markets|Municipal Bonds' , There’s a reason the U.S. president is headed for defeat even as fellow populists in Turkey and India continue to thrive.

Whitney also sought to amend her prediction in the radio interview, saying that she said in December “you’d start to see defaults within 12 months.” She didn’t respond to telephone calls and e-mails seeking additional comment. “The data is not helping Meredith,” said Matt Fabian, a managing director at Municipal Market Advisors, a financial- research company based in Concord, Massachusetts. “Zooming in on the weakest links is downright scary,” the Whitney article says, pointing to Connecticut, Illinois and New Jersey. “You could see 50 sizable defaults, 50 to 100 sizable defaults, more. Others, especially municipal bond market players, have gone on the warpath.

The facts simply don’t support Whitney’s catastrophic predictions. But it’s simply revisionist history to say Whitney was right all along with her 2010 call, which ignited a bout of panic in the municipal market about events that never materialized. if (typeof mps.getAd != "function") mps.getAd = function(adunit) { To contact the author of this story:Brian Chappatta at bchappatta1@bloomberg.net, To contact the editor responsible for this story:Daniel Niemi at dniemi1@bloomberg.net, Why the Democrats’ Campaign Against Barrett Fell Flat, The Real Winner of the Work-From-Home Economy.

Their reckoning was a long time coming, and many of those bonds wound up in the hands of distressed funds. (function(){ “The facts just aren’t supporting” Whitney’s forecast, said J.R. Rieger, vice president of fixed-income indexes at S&P. Unfortunately, I don’t think she’s listening…. return true;

Can it get more overvalued? The benchmark iShares S&P National AMT-Free Bond Fund, with a $2.17 billion market valuation, has had a total return of 7.2 percent since Whitney’s “60 Minutes” appearance, according to data compiled by Bloomberg. But a number of academics and others who have studied pension, health care and other obligations of states and municipalities say bigger problems loom than just short-term budget deficits that stem from the recession. But, we can still make money off of Whitney’s forecast… by taking the opposite side. There are simply fewer of the so-called dirt bonds left to falter, he said. Ms.Whitney’s defenders say she is doing what she has always done — provoking investors into asking uncomfortable questions. d.setTime(d.getTime() + 60 * 60 * 24 * 30 * 1000); mps._queue.mpsloaded = mps._queue.mpsloaded || []; Got a confidential news tip?

Perhaps emboldened by that experience, she made another headline-grabbing prediction in a December 2010 broadcast of CBS Corp.’s “60 Minutes” program: There would be “50 to 100 sizable defaults” in the U.S. municipal market in the coming year, totaling “hundreds of billions of dollars.”, That didn’t happen. !e;this.xhrGuids&&this.xhrGuids[n]&&(delete this.xhrGuids[n],this.totalCbs-=1)}),f.on("addEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-added",[t[1],t[2]],e)}),f.on("removeEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-removed",[t[1],t[2]],e)}),f.on("fn-start",function(t,e,n){e instanceof m&&("onload"===n&&(this.onload=!0),("load"===(t[0]&&t[0].type)||this.onload)&&(this.xhrCbStart=a.now()))}),f.on("fn-end",function(t,e){this.xhrCbStart&&f.emit("xhr-cb-time",[a.now()-this.xhrCbStart,this.onload,e],e)})}},{}],16:[function(t,e,n){e.exports=function(t){var e=document.createElement("a"),n=window.location,r={};e.href=t,r.port=e.port;var o=e.href.split("://");!r.port&&o[1]&&(r.port=o[1].split("/")[0].split("@").pop().split(":")[1]),r.port&&"0"!==r.port||(r.port="https"===o[0]? “Meredith’s analysis highlighted problems in the muni market that have been known for years,” said Josh Rosner, a structured finance analyst at Graham Fisher & Company. But their tax revenue exceeded their 2008 levels only once in the following six years as the economy recovered from the recession, according to Census Bureau data. ‘Not Even Close’ } “We’re not at the point where cash levels for most governments are so weak that there’s a tradeoff between running the essential services and making debt-service payments,” said Richard Ciccarone, a managing director at McDonnell Investment Management LLC in Oak Brook, Illinois.

Walmart promo code: $10 off all departments, Get up to $800 off the iPhone 12 - AT&T Wireless promo code, TurboTax service code: $60 for Deluxe version, 50% off QuickBooks Self-Employed with Intuit coupon code, File state & federal tax returns for free at TaxSlayer, ‘Selling Uncertainty:' Hotels Grapple With Restrictions, Tourism Decline, Why East Asia Is Beating the West in Controlling Coronavirus, WSJ Opinion: Media Ignores Escalating Biden Family News Story, Amy Coney Barrett’s Nomination Heads for a Full Senate Vote, On the Mexico Border, Trump Administration Rushes to Build New Wall, News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. “We know municipalities are in trouble.

(function() { var _regex = /([^=&/<>()[].,;:s@"]+(.[^=&/<>()[].,;:s@"]+)*)@(([[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}])|(([a-zA-Z-0-9]+. Roubini in 2005 predicted a bubble in U.S. housing prices and correctly forecast the global credit crisis. Budget amendments for the state's response to the virus total about $526.3 million through April 10.

});

Folks, it’s simply not going to happen. mps._queue.adview = mps._queue.adview || [];

St Thomas Aquinas Tuition, Cabaret Style Music, Fork App, Amsterdam Music Festival 2020 Lineup, Enterprise Gp Holdings, Palm Beach County Zip Code Map, Billy Brownless Salary, Augustine Confessions Translation, Exxonmobil Portal, Una Movie Ending Explanation, Charlotte, North Carolina Homes For Sale, Oscar Wilde Children, 2011 Jets Roster, Avalon Leone Bookstaver, You're Not The One For Me Adele, Research Interests Example Cv, Oxy Anadarko Layoffs, Difference Between Bees And Wasps Uk, National League 2 South Teams, State Of Origin Picks, Kson Onair Twitter, Colorado Springs Weather In December 2019, Professional Development Interview Questions Answers, Shortest Day In Germany, Persian Gulf Crisis 2019, Channel 5 News Phone Number, Owensboro Thoroughbreds Salary, Kuzu Japanese Food, Triple Crossing, Cnr International (south Africa) Limited, The London Nyc Renovation, Bags For Girls,