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Interesting comment, Jack. I wonder if it is reasonable to say that every muni bond has a political component. When you deal with an issue from a state entity, you can probably research the political climate there quite easily.

But for locally issued bonds, you can visualize a very wide range of elected extremes--including people who may not realize investors will never loan them another dime if they do not pay their existing obligations.

Caveat emptor!!
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