As the global downturn has intensified, Beijing is starting to keep more of its money at home, which could have painful effects for U.S. borrowers.

As the global downturn has intensified, Beijing is starting to keep more of its money at home, a move that could have painful effects for American borrowers.

The future seems a distant concern now. But Washington is spending as we once did.

Despite U.S. backing, bonds issued by Fannie Mae and Freddie Mac have skeptics.

Despite U.S. backing, bonds issued by Fannie Mae and Freddie Mac have skeptics.

Rutgers officials approved a plan Friday to authorize $30 million in new bonds that would finance the expansion of the university’s football stadium.

The global credit crisis has shattered the expectations of many investors as some bond portfolios have taken enormous hits.

California and other states scrambled to cope with bills coming due as they pressed Washington for assistance because the municipal bond markets remain largely closed to them.

Using derivatives called credit-default swaps, traders are making a profit by betting against the finances of the State of New Jersey and other municipalities.

Speculators have long been able to short-sell stocks, making money when share prices fall. But derivatives are now making it possible, in effect, to short municipal bonds.