You're either making money or you're not. If you're not making money get out of the business. 
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 have to know what you own. You have to really do your homework in terms of knowing what supports your bonds.
People knew that Murdoch's media estate in the UK was too powerful and it was doing very unpleasant things.
Municipal debt outstanding doubled in the past 10 years. And in the past 30 years, the U.S. has been in real economic nirvana.
