Municipal Bondage

'Relax,' said the nightman, 'We are programmed to receive.'
'You can check out any time you like, but you can never leave.'
--Eagles

A week or so back, Ireland credit probs seemed to be off many radar screens. Issues here are now coming to light.

The new off-the-screen problem seems to be municipal bonds. Munis have been getting smoked over the last few sessions. Related news flow, however, remains a trickle.

Markets may be envisioning funding crises brewing w/ a new Congress that may be more reluctant to pass the buck...

position in Treasuries