Much rhetoric today would lead one to believe that the march to oblivion in municipals is preordained. Although the credits are stressed, we will see a way out of the dilemma. That does not mean there will not be credit adjustments in the days ahead. There will be some increase in defaults and bankruptcies, but we do not see the rates swelling because governments will still work hard to solve their challenges. Debt remains a priority for most and not servicing the debt will not be taken lightly. This discussion is with Tom Hession of Riverbend Capital Advisors about the topics of the day.
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