A Strange Tale: How Muni Bonds Will Become Shares Of The Largest Airline

Last week’s article on municipal bond defaults from Liberty Street Economics, published on the New York Fed’s web site, received a fair amount of media attention. You can check it out here:¬†http://libertystreeteconomics.newyorkfed.org/2012/08/the-untold-story-of-municipal-bond-defaults.html Unfortunately, the article’s “findings” should be old news for even the most casual observer of the muni market, namely: (1) unrated bonds have […]