You're either making money or you're not. If you're not making money get out of the business.
Meredith Whitney
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.
There's not a doubt in my mind that you will see a spate of municipal-bond defaults.
Every day things get better because politicians are addressing the fiscal challenges more aggressively.
At a certain point, you can't tax people beyond a certain level.
Municipal debt outstanding doubled in the past 10 years. And in the past 30 years, the U.S. has been in real economic nirvana.
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.
You have to know what you own. You have to really do your homework in terms of knowing what supports your bonds.
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.
People knew that Murdoch's media estate in the UK was too powerful and it was doing very unpleasant things.
