bonds relative to treasuries, especially when market anxiety over fiscal conditions in the euros i have two questions regarding municipal debt what is your assessment of the state of the u.s. municipal debt market? secondly, do you believe there s any merit to a recent characterization by warren buffett that there is potentially, quote, a terrible problem, end quote, ahead for municipal bonds? well, first, the it s certainly true that states and localities are under a lot of fiscal and financial stress. their revenues have fallen considerably and they re trying to maintain services and so on. clearly we ve seen some deficits and some cuts at the state and local level. my view, though, is that first of all that the municipal debt market is functioning pretty well. that at least state and localities that states and localities that have good credit or seem to be sound are not having any difficulty accessing the municipal market and that yields are pretty low. which is, i
you may disagree or agree. tell us why. 202-737-0002 for democrats. 202-737-0001 for republicans. and 202-628-0205 for independence. the supreme court is the most conservative in decades. we will read the front page of the new york times is where we find the story. a picture of the chief justice, john roberts, on the front page. here is part of the story this morning. if the roberts court continued on the course suggested by its first five years, it is likely to allow greater role for religion in public life, more participation by unions and corporations, and to elaborate further on the scope of the second amendment right to bear arms. abortion rights are likely to be curtailed. the recent shift to the right is modest, and the court decisions have hardly been uniform conservative. the justices have limited the use of the death penalty and rejected claims of executive power and the government s efforts to combat terrorism, but scholars that look at trends say they re widely