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I doubt liquidity will be restored to term auction securities for a long time.  Basically people have been using that to increase yields for short term money yet the terms are long term.  So, if you need to sell it short term you are stuck with what ever you can get.

I started looking at these things just before they froze and my thoughts were that it was nuts buying long term debt for a short hold, and highly risky.  I was truly surprise that the market had gone to just accepting this as everyday.

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