Concern over the increasingly strained finances of states and cities and a growing backlog of new bonds for sale overwhelmed the market last week. After performing so well for so long, munis and funds that invest in them fell hard. One big muni fund, the Pimco Municipal Income Fund II, for instance, lost 7.5 percent. (NYT)This is America's equivalent of the crises in Ireland, Greece, Spain, and Portugal. The markets are very efficient in finding where the problems are.
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