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.

There's not a doubt in my mind that you will see a spate of municipal-bond defaults.

You're either making money or you're not. If you're not making money get out of the business.

At a certain point, you can't tax people beyond a certain level.

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.