Perhaps this isn’t the best time for a bond issue

The MTA’s timing on this one is impeccable. The transit agency has recently issued a $500,000,000 fare-backed bond aimed at providing much-needed money. But, as The Times notes, a bad economy is a tough time to be issuing bonds. With banks on the decline, few large institutions are soaking up the bonds, and the Authority has turning to Ed Koch as a pitchman. The former mayor is lending his voice to a radio campaign aimed at enticing individuals into purchasing these tax-exempt bonds that The Times says will “finance large-scale projects.” Good luck with that.