In the end, with respect to the municipal market, we'll have to see. The big change in the government market is in the growth of the deficit. Also, the federal government has guaranteed an awful lot of debt over the years and that becomes a potential problem as the government downsizes. That may be the source of future stories. I hope not.
Municipal finance has to pick up sometime soon.
Maybe it takes three or four years to work out. But we have to finance infrastructure. What I think has been short-changed is maintenance of our infrastructure. I'm one of those who fears that our tendency to underinvest in infrastructure, including maintenance, limits the nation's economic growth. I see no reason to expect a change in the preference for user fees as distinct from higher state and local taxes to pay for infrastructure.