Word: munising
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Dates: during 1990-1999
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HAPPY MUNI YEAR Low inflation and high yields are making municipal bonds an attractive buy. The yield on benchmark munis reached 5.99% a few weeks ago, a peak for the year. Those returns have slipped a bit since, but munis still offer relatively high rates. They are yielding more than...
Certainly, second wives, bent on protecting their own brood, have more moral authority than the men who have already left one brood behind. But even they may not be any match for market forces. New York City is considering a proposal from investment bankers at Morgan Stanley to get immediate...
What could be more benign than that boy scout of financial instruments, the municipal bond? What town has not floated an issue to build a road? What little old lady (or big mutual fund) has not heard an accountant extol "munis" as the most foolproof of investments? Lending to companies...
But Wall Street was not convinced. In addition to downgrading Orange County bonds to junk status last week, Moody's Investors Service called the county's behavior "outrageous and unprecedented." Says Zane Mann, publisher of the California Municipal Bond Advisor: "People are saying, 'Screw them. I'll never buy another...