Is this good or bad for the macroeconomy?:
In Los Angeles County, cities are buying federal stimulus funds from
each other at deep discounts, turning what was supposed to be a
targeted infusion of cash into a huge auction.
In two cases $500,000 in stimulus funding was selling in the range of $310K to $325K. (What does that tell us?) But wait, the Los Angeles County MTA has now cancelled these swaps.
I thank Jerry Brito and Todd Myers for the pointer.