Maggie's Farm

We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.

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Wednesday, October 15. 2008

Memo from our Wall Street Insider: "I changed my mind- buy munis"

An email from our WS friend:

BUY MUNIS.  Tax-exempt bonds pricing at 6.25? You'd be insane not to in this market.  Plus, with Dems likely to take over, Muni rates will drop significantly because everyone expects taxes to go up.  The value of your 6.25 coupons (aka bond price) will increase when market yields drop. (Market yields for Munis have spiked to over 10-yr highs in the past week, by the way.) When rates fall, you can either keep you tax free 6 percent or cash out.  If rates don't fall, 6.25 still isn't bad... Its a win-win.  New York City is in the market today and we are all placing bids! Gotta run -

Posted by Bird Dog in Hot News & Misc. Short Subjects at 14:22 | Comments (3) | Trackbacks (0)

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And as of last week the largest county in Alabama was on the verge of bankruptcy being unable to meet the interest payment on outstanding sewer revenue bands.
#1 chipper on 2008-10-15 17:51 (Reply)
NYC? Absolutely no risk of default there. Why, they are almost as sound as California! I think they only offer such generous yields because they are such nice folks!
#2 Seppo on 2008-10-15 20:05 (Reply)
I remember Municipal Assistance Corporation. Screw full faith and credit was established as a legal policy. No munis for me, ever.
#3 Ron Hardin (Link) on 2008-10-15 20:36 (Reply)

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