Recent articles by John E. Petersen from governing.com http://www.governing.com/authors/rss/rss/?a=87483697 John E. Petersen was GOVERNING's Public Finance columnist. He was a Professor of Public Policy and Finance at the George Mason School of Public Policy. Stockton, California’s Debt Problems May Set Precedent http://www.governing.com/columns/public-finance/col-stockton-californias-debt-problems-may-set-precedent.html How Stockton's story unfolds could have major consequences for public employee pensions and bondholders nationwide. State Tax Codes in Need of Repair http://www.governing.com/topics/finance/col-state-tax-codes-need-repair.html State tax codes are filled with a legion of special treatments that could very well lead to a state’s fiscal destruction. 2011: The Bad Year That Wasn’t http://www.governing.com/columns/public-finance/gov-col-2011-bad-year-that-wasnt.html In this Public Finance column, John E. Petersen says that despite dire forecasts, states and localities paid their debts on time and in full. State, Local Finances in a Global Economy http://www.governing.com/columns/public-finance/state-local-finances-in-global-economy.html State and local fiscal fortunes are now linked to the ups and downs of markets on every continent. States and Localities Can’t Afford Big Government Projects http://www.governing.com/columns/public-finance/states-localities-cant-afford-big-government-projects.html The fiscal situation will likely make huge capital projects like the space shuttle program and Boston’s Big Dig a thing of the past. Who's the First to Go? http://www.governing.com/columns/public-finance/whos-the-first-to-go.html Public employees are at the front of the firing line, paying the price for widespread voter angst. The Debt Demon http://www.governing.com/columns/public-finance/The-Debt-Demon.html Have states and localities borrowed too much? Is Federal Help Truly a Myth? http://www.governing.com/columns/public-finance/federal-help-truly-myth.html History says cities and states can look to the feds for a fiscal rescue plan. Spend Now, Save Later http://www.governing.com/columns/public-finance/Spend-Now-Save-Later.html After the fun and games of a stimulus bump, stringency lies ahead. The Hidden Tax http://www.governing.com/columns/public-finance/The-Hidden-Tax.html When the collection of revenue is too convenient, it can lead to consequences that may or may not be intended. Diving into the Hedges http://www.governing.com/columns/public-finance/Diving-into-the-Hedges.html Public pension funds are being drawn like bears after honey to these risky, unregulated but high-reward investments. Revenue Revisions http://www.governing.com/columns/public-finance/Revenue-Revisions.html States and localities should use the current fiscal trauma to adjust and amend the ways they raise money. A Time of Testing http://www.governing.com/columns/public-finance/A-Time-of-Testing.html The municipal bond market is dealing with uncertain times -- not of its own making. Buffett's Bad Bet http://www.governing.com/columns/public-finance/Buffetts-Bad-Bet.html The financial genius overestimates the risk of default on insured muni bonds. Rating the Ratings http://www.governing.com/columns/public-finance/Rating-the-Ratings.html For many issuers, going to market without insurance is unappetizing. But that may be changing.