Kass: Muni Troubles

This blog post originally appeared on RealMoney Silver on Oct. 14 at 7:50 a.m. EDT.

I have tried to stay upbeat throughout the current financial crisis, but our credit and equity markets have suffered a massive heart attack, and the recuperative period will be lengthy not only for the aforementioned markets but for the real economy.

The economic reverberations will be vast; a period of subpar economic growth and substandard returns is ahead of us.

One area that concerns me -- and it is an area that is rarely discussed -- is the municipal bond market. ...