There's not a doubt in my mind that you will see a spate of municipal-bond defaults.

The more we can do to address fiscal austerity, the better our markets will do, and there is a real political shift to doing that.

You're either making money or you're not. If you're not making money get out of the business.

You have to know what you own. You have to really do your homework in terms of knowing what supports your bonds.

At a certain point, you can't tax people beyond a certain level.

There are great municipal investments out there, but on a blanket basis you have to be really careful about knowing what cash flows are supporting your investments.