Max:

> Ms Whitney predicted "hundreds of billions" in defaults within a year of
> her pronouncement.

That was a silly thing to do for any forecaster, not to mention any
forecaster who is making such predictions about the Munis. Munis,
similar to the real estate, live on a different time scale that we do.

> I regret my initial tone in my reply.

No worries. I have regretted many of my initial tones in many of my
replies for so many times that I don't even remember the count
anymore.

Best,
Sabri
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