Letters to the Editor
To the Editors:
Ms. Thau is looking at munis from the top down in “The Muni Market Turmoil Continues: What’s Going on and How to Respond” [January 2009 AAII Journal]. I live in California and would not touch any California bonds. I owned Orange County Water district bonds right through the bankruptcy and since they were insured I kept getting the interest payments. If insurance is no guarantee against default, why risk any money at all for munis? Real estate prices are collapsing and people are walking away from property. How will local governments collect revenue? Apparently one way is to issue more traffic tickets, but I doubt that will replace all the l
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