Port Authority: Your Overconfidence is Your Weakness
December 04, 2008 at 17:38 PM EST
The headline is that the Port Authority of New York/New Jersey got no bids on a $300 million municipal bond offering. Its distressing, yes. Its a clear sign of how dislocated the muni market is, yes. But the mainstream media is badly missing the most important aspect of this story. This was a problem entirely [...]