Word: bond
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When Congress wrote the Build America Bond program into February's $787 billion economic-stimulus bill, many predicted a flop. Nine months later, the municipal-bond program, which provides a federal subsidy to help states and other local governments raise funds, looks to be one of the economic recovery effort's biggest successes. Earlier this month, the volume of BABs, as they have come to be called, crossed the $50 billion mark...
...People originally said it would eliminate the issuance of municipal bonds," says John Cummings, who is head of muni-bond investments at money-management firm PIMCO. "Instead they have stabilized the market and helped to create jobs." (See the top 10 financial-crisis buzzwords...
Observers say Build America Bonds have lowered borrowing costs for states and other local governments. The bonds have renewed and expanded investor interest in the muni-bond sector. And by getting money into the hands of cash-strapped local governments, the bond program has saved or even boosted jobs, stimulating the economy. Many investors are already lobbying to extend the program, which is not expected to close until...
...candidates seem to share an intimate bond: they finish each other’s sentences, an ability honed from rooming together since January of their freshman year. The two met when Johnson transferred out of Grays Hall and was assigned to Long’s Holworthy room. “I was very worried that [David] would be a bad roommate because he had switched rooms halfway though the year,” said William “Charlie” C. Schaub ’11, one of their other roommates and head writer for the Long-Johnson campaign...
Longer term, because of the tremendous government borrowings, we are eventually going to have an inflation problem, and that means a bond-market sell-off down the road...