An appeal to President Obama as he goes to Scranton

By Cate Long
August 23, 2013

President Obama and his entourage are pulling into Scranton, PA for a speech on Friday. In many ways Scranton is the east coast equivalent of Detroit; a former industrial powerhouse reduced to the economic wilderness. The city’s unemployment rate was 9 percent in April 2013. Scranton almost ran out of cash last summer and the mayor reduced everyone to minimum wage to meet payroll.

Obama should supercharge manufacturing in broken cities

By Cate Long
July 24, 2013

President Obama’s speech on the economy on Wednesday will be closely watched. My own view is that the president has been consumed with military and surveillance efforts and has lost sight of his role as the nation’s economic leader. His efforts to recharge the economy thus far seem like a re-branding effort. But we need bigger ideas. I hope he has some, a clear schedule and lots of initiative. Charging up the world’s largest economy is no easy task. Reuters Mark Felsenthal and Roberta Rampton tell the story:

Congratulations President Obama: Now here is your muniland checklist

By Cate Long
November 8, 2012

President Obama deserves a few mornings to sleep in, and then it is time to get back to work. Upcoming federal tax and deficit reform have been grabbing headlines, but there are other D.C. policy reforms that could have a major effect on states and cities. These need to be on the president and Congress’ 2013 checklist.

The case for a new Works Progress Administration

By Cate Long
June 12, 2012

In a press conference last Friday, President Obama said that reasonable progress had been made in restoring the private-sector jobs that were lost since the financial crisis but that progress in restoring lost jobs in state and local government had been slower. As this observation is conventional wisdom at this point, it’s surprising that it got any media attention. The more interesting question to ask is why the hiring at the state and local levels has not bounced back as quickly as private-sector hiring.

President Obama, the Ricketts family and Wrigley Field

By Cate Long
May 18, 2012

Is the Ricketts family of Chicago bipolar? The patriarch, billionaire and Chicago Cubs owner Joe Ricketts, blasted onto the national stage yesterday, when the New York Times reported that his super PAC considered running an ad campaign entitled “The Defeat of Barack Hussein Obama: The Ricketts Plan to End His Spending for Good.” His super PAC, the Ending Spending Action Fund, also lobbies against excessive federal spending and special-interest earmarks.

Foreigners want America’s public assets

By Cate Long
December 5, 2011

It seems like foreign governments and corporations are craving U.S. public assets like toll roads, electrical grids and railways. In the case of our largest creditor, the Chinese government, they don’t want any more U.S. Treasuries, but they do want to own the hard assets that comprise our nation’s infrastructure.

An army of corporate lobbyists in the halls of Congress

By Cate Long
October 12, 2011

Now that the Senate failed to pass President Obama’s jobs legislation last night, various pieces of his plan and other pet projects are likely to be introduced separately. It’s unclear whether an extension of the payroll tax reduction or additional unemployment benefits — two key planks of the President’s plan — will get floor time. But corporate interests are getting plenty of attention from members of the Senate. In particular, an army of corporate lobbyists has been vigorously promoting a tax holiday for U.S. multinationals.

Injustice fuels the mob

By Cate Long
October 7, 2011

CNN’s Erin Burnett recently made a visit to lower Manhatten to assess the Occupy Wall Street protest. Based on accounts of her visit Ms. Burnett seemed a little dismayed that those protesting didn’t understand the financial crisis very well. Rawstory.com reported:

Christie’s big packaging

By Cate Long
September 30, 2011

Our nation is overdue for an overweight leader. President William Howard Taft, seen at left, was a heavy man who had accomplished a lot when he completed his term in 1913. His successes laid the groundwork for exceptional economic growth for the century. Wikipedia says:

The calmest seas you will ever see

By Cate Long
September 30, 2011

Low issuance, low defaults and low rates

For issuers, conditions are just about perfect in muniland now. Many have defered or withdrawn planned bond offerings, leading to greatly reduced supply for the year. Bloomberg estimates that 3rd quarter total issuance will be about $67 billion. This follows the $117 billion in muni securities issued in the first half of the year (data from SIFMA, Excel file link).