Ho-hum, another day, another run on a multi-billion dollar investment fund

Everyone just go read Manias, Panics and Crashes. Then when you see headlines like this, you'll look up, smile, and then go back to your popcorn.

Florida Freezes Its Fund as Governments Pull Out

Seeking to stem a multibillion-dollar run on an investment pool for local governments, top Florida officials voted yesterday to suspend withdrawals from the fund, leaving some towns and school districts worrying about how they would pay their bills.

Local governments in recent weeks have been withdrawing billions of dollars from the fund, fearing losses on investments in debt related to subprime mortgages. The rush to get out of the fund began even though a relatively small percentage of the fund is invested in subprime-related debt, and it is unclear what losses the fund may sustain.