This is big and bad.
The muni AAA bond mkt is usually considered as secure as money can buy and
especially since it is easily insurable.
Muni bond failures happen but not in numbers and no insurer can step in for
80 thousand bonds which have been down grade from three to two AA's.
http://www.marketwatch.com/news/story/moodys-bond-insurer-call-has/story.aspx?guid=%7B402400E7-6545-46B2-BD56-8AF2A28D7170%7D
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