Muni Bonds, The Elephant In The Room.
Outflows from Muni Bond Funds Increase to $738M. by James Ramage … Municipal bond mutual fund flows remained solidly in the red for a 24th straight week.
The financial people on CNBC will never mention muni bonds, other than to chastise Meredith Whitney for predicting a muni bond collapse. 24 straight weeks of muni bonds outflows has never happened in US history, yet not a word about it in the news. The gravy train is drying up quickly.
“There’s not a doubt in my mind that you will see a spate of municipal-bond defaults,” the banking analyst Meredith Whitney, nodding her head, said on a Dec. 19 segment of CBS Corp.’s “60 Minutes.”
Oh how the big pigs bond holders slapped her for saying that.
Those two sentences set off a month of fireworks. California Treasurer Bill Lockyer called the prediction “apocalyptic arm-waving,” the National League of Cities’ research director citedher “stunning lack of understanding,” and Pacific Investment Management Co.’s Bill Gross, who runs the world’s biggest bond fund, simply said he doesn’t subscribe to the “theory.”
Now, she is being proven she was correct, and not a word is being uttered.
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