Re: Tom Petruno’s markets column “Investors face their fears in muni debt,” May 23:
I finally sold my municipal bonds and bought safer Ginnie Maes. I will just pay some more tax rather than risk default. With car dealerships closing, cities will be hard pressed to pay their bonds too.
Politicians need to make the hard decisions to begin laying off state employees. The fact that they are talking about cutting welfare to families shows they still are not serious about budget cuts.
They also need to disband the useless commissions and committees that infest the California government. I doubt they will. But I am out of munis and now do not care what the state government does.