In the municipal market, I'd say it's the trend to more regulation and greater disclosure of information. And I think that's a good thing. Investors ought to be able to get and use this information, and I trust they are using it. But I can't resist noting that this whole effort to require municipal issuers to disclose more information is a repeat of the effort in the 1930s, including the establishment of the SEC, with respect to the corporate sector. My instinct says it ought to be good.
Some economists argue it's unnecessary.
There is a cost. 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.