Deputy Mayor, You're No Bob Moses

Crain's New York Business Editor Greg David reports that the debate is on over departing New York City Deputy Mayor Dan Doctoroff's legacy, and whether he will ultimately be remembered as more important to the city than Robert Moses.

Just reading the question had me breaking out my Lloyd Bentsen impersonation.

This is awkward, because I'd normally rise to praise Doctoroff, not to bury him (even though he's departing to join a competing financial news service). [subscription article]  Without endorsing all or any of his projects, you can observe that he holds a fascinating vision for the city that is genuinely driven out of a concern for maintaining and expanding its strengths -- particularly its infrastructure and economy.  The energy he's brought to that cause over the past six years has been remarkable, as has his doggedness.  In an increasingly toxic political environment, where policy debates quickly devolve into personal attacks, Doctoroff has been willing to take the heat.

But you're treading on sacred ground when you start to compare anyone to "The Master Builder."  It's a bit like comparing Carlos Beltran to Willie Mays.  Beltran might be the best center fielder of his generation, but Mays is, well, Willie Mays, the greatest of all time.  And this is coming from a Met fan!

Doctoroff and Moses truly played in different eras.  No one will match Moses' 50-year span as New York's pre-eminent power broker, and many would argue that no one should.  Doctoroff's six years in City Hall were productive, and the policies he put in place will likely play some role in shaping the city's landscape over the coming years, but his concrete accomplishments remain light. (pun intended!)

Doctoroff supporters know this.  His once and future boss, Mayor Mike Bloomberg kept the order right when he said yesterday that Doctoroff "has done more to change the face of this city than anyone since Robert Moses." [italics mine]  The NY Times raised the stakes in their front-page story on his departure, with a lead that put him on an equal footing with Moses.  Now, we're debating whether he should rise higher in the pantheon (although, my last review of the Crain's site found little support for that proposition).

It's a testament to the essential nature of Moses' projects that today we tend to think that landmarks like the Verrazano-Narrows Bridge were always there, and forget the force of personality and ingenuity required to get them done.  Doctoroff has strung together had a solid few seasons.  He earned his new contract.  But Moses shouldn't expect company in his wing of the Hall of Fame any time soon.

-- Mike Stanton, Publisher
Michael dot Stanton at SourceMedia dot com

Calif. Market Close: Tax-Exempts Finish Weaker

NEW YORK - The California municipal market was weaker by three to five basis points today, following Treasuries.

To read the column in its entirety, go to The Bond Buyer web site.

Michael.Scarchilli-AT-sourcemedia-DOT-com

Dakin.Campbell-AT-sourcemedia-DOT-com

Market Close: Munis Finish Weaker, Following Treasuries

NEW YORK - The municipal market was weaker by three to five basis points today, following Treasuries, as economic data came in near expectations.

To read the column in its entirety, go to The Bond Buyer web site.

Michael.Scarchilli-AT-sourcemedia-DOT-com

Dakin.Campbell-AT-sourcemedia-DOT-com

Market Post: Munis Weaker In Afternoon Trade

NEW YORK - The municipal market was weaker by three to five basis points today, following Treasuries, as economic data came in near expectations.

To read the column in its entirety, go to The Bond Buyer web site.

Michael.Scarchilli-AT-sourcemedia-DOT-com

Dakin.Campbell-AT-sourcemedia-DOT-com

Market Post: Munis Weaker At Midday

The municipal market was weaker by three to five basis points today, following Treasuries.

“We’ll look forward to one more week, and the suspense of the [Federal Open Market Committee] meeting, and then we’ll start the historic winding down for the holidays,” a trader in New York said. “The market has come a long way.”

On Tuesday, the FOMC will meet to decide whether to change the federal funds target rate, which currently stands at 4.50%. At 10:52 a.m., EST, today, the federal funds futures traded on the Chicago Board of Trade, a proxy for market expectations, showed a 100% probability that the FOMC will decrease the target rate by at least 25 basis points, and a 26% probability that the target rate will be decreased by 50 basis points.

Market Post: Munis Weaker In Morning Trade

The municipal market was weaker by three to five basis points this morning, following Treasuries.

“Things are looking a little disheveled. Munis had been outperforming and though we are still relatively cheap to Treasuries, we’ve come off the best percentages,” a trader in New York said. “If the market is off by three to five basis points, in sympathy with Treasuries, I wouldn’t be surprised. We’ve gotten to the point that rates are just too low, it’s just a yield protest.”

To read the column in its entirety, go to The Bond Buyer web site.

Michael.Scarchilli-AT-sourcemedia-DOT-com

Dakin.Campbell-AT-sourcemedia-DOT-com

Market Post: Munis Slightly Weaker At Open

The municipal market was unchanged to slightly weaker today, following Treasuries.

The Treasury market was slightly weaker. The yield on the benchmark 10-year Treasury note, which opened at 4.01%, was recently quoted at 4.07%. The yield on the two-year note was recently quoted at 3.08%, after opening at 3.02%.

To read the column in its entirety, go to The Bond Buyer web site.

Michael.Scarchilli-AT-sourcemedia-DOT-com

Dakin.Campbell-AT-sourcemedia-DOT-com