Municipal Bond Forum
Attack on muni bonds
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Our article, “Jobs Bill Misfires in Attack on Muni Bonds,” resonated, not surprisingly, with many investors. Here is a sample of comments from bondholders across the country. N.R. in Texas: “‘Not in my backyard’ and ‘I don’t want to get involved’ are cliches that resound with utter selfishness. If we are ever to stop the pain, pain-free parties need to suffer so that we are all on board to correct the malaise, not just the ones we like least or hate the most.” T.B. in Georgia: “If it is limited to those with more than $1 million in munis, it would hardly ripple the surface. Let the class war begin here!” F.S. in Florida: “Why is there is no chance of the bill passing when Democrats control the Senate and the president does not know what is good for the economy? Hopefully the country can get a new president.” B.T., Colorado: “Unfortunately, the government is going after anything and everything. As a muni investor for more than 30 years, I am glad you are speaking out.” M.M. in Missouri: “I have been waiting for the tax-free muni market to come under fire, but I don’t believe this will ever happen. It would be a disaster for states depending on money for infrastructure projects.”
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James A. Klotz responds:
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