See Shasta, there are a couple of reasons I'm not fond of muni bonds here. One, the fundamentals of municipalities is terrible. We've got real bad situations all over the US. Second, the insurers are in bad shape.
The muni sector reminds me of sub-prime in 2006. Lots of optimistic assumptions were being made going forward.
I'm no expert, but I think the allure of the tax-free status clouds the judgement of some when looking at this sector.
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