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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (153774)	2/27/2002 3:17:19 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 436258

patron, Wow, you are really old if you remember Whoops! <g> What is so funny is that these things happen with huge-mongous muni debtors, then folks tell me that munis never default. What am I missing? Other than the part of my brain they dug out during the lobotomy? <g> I have heard folks say: that's the junk bonds. Orange County was either AA or AAA before the default. Whoops was AA and no risk, guaranteed by the State of Washington and the Feds, until we discovered most of those guarantees were just a little joke that we misunderstood because we don't have a sense of humor. <g> NYC, well they weren't the highest credit in the world, but they were investment quality until about a year before they went bali hai. Oh, well, I don't think the Bush deficits will cause any higher rates for muni issuers. <g>