Word: bonding
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Ashcroft did not argue that Joseph was in any way linked to terrorism. Instead, Ashcroft insisted that granting Joseph bond "would tend to encourage further surges of mass migration from Haiti by sea, with attendant strains on national and homeland-security resources." In other words, patrolling the U.S. coastline to keep out illegal aliens diverts Coast Guard and immigration officials from other duties. Ashcroft also argued that Haiti was a route through which Pakistanis and Palestinians might try to enter the U.S. illegally...
Followers of stock car racing largely understand their sport’s unique attachment to U.S. forces overseas. Such feelings were movingly articulated by NASCAR president Mike Helton at the outset of Operation Iraqi Freedom. “We believe there is a special bond between our troops and our sport,” he said. “Each branch of the American military is represented in NASCAR racing, and our chairman, Bill France, has always described NASCAR fans as ‘the kind of people who go to war and win wars for America...
...upshot: if tax-free income is what you savor, this is a great time to buy munis. Altria is just blowing smoke about bankruptcy; indeed, at the urging of a large number of states, Illinois has dramatically reduced Altria's appeal bond so that it can keep making settlement payments. Even in bankruptcy, the payments would probably continue as an operating expense. And even in the unlikely event that the tax on stock dividends is erased, there will be no massive flight from munis toward stocks. The typical muni investor values stability above...
...states' overall budget troubles are the biggest danger for muni investors, and ample reason to be very selective. No state has defaulted on its general-obligation bonds since the Great Depression, so stick with these "GOs" or with "essential service" bonds issued by water, sewer or even school authorities. Medium-term maturities of about 10 years are the bond market's sweet spot today; prices here are less vulnerable to rising interest rates--a certainty at some point--than are those of longer-term bonds...
Finally, a word on munis for the growing ranks of investors who must pay the hated alternative minimum tax (AMT): income from "private use" bonds, like those used to fund many stadiums and airports, becomes taxable under the AMT. Muni-bond funds will tell you their AMT exposure if you ask, and any good personal portfolio adviser should watch out for them as well...