At a certain point, you can't tax people beyond a certain level.

Every day things get better because politicians are addressing the fiscal challenges more aggressively.

Municipal debt outstanding doubled in the past 10 years. And in the past 30 years, the U.S. has been in real economic nirvana.

People knew that Murdoch's media estate in the UK was too powerful and it was doing very unpleasant things.

The more we can do to address fiscal austerity, the better our markets will do, and there is a real political shift to doing that.

There's not a doubt in my mind that you will see a spate of municipal-bond defaults.

You can make great money in a utility type of business by borrowing cheaply and lending sensibly but that's not what's being done.

You have to know what you own. You have to really do your homework in terms of knowing what supports your bonds.

You're either making money or you're not. If you're not making money get out of the business.

There are great municipal investments out there, but on a blanket basis you have to be really careful about knowing what cash flows are supporting your investments.