So much for the safety of bonds in this market environment. Even for tax-free bonds. This trades like a volatile ETF not like a bond fund, I'm guessing the selldown, beyond the credit market worries, is that all the Wall Street jobs lost are going to have an adverse effect on NY-based munis. Which is certainly a possibility.

But regardless, munis are more secure than corporate bonds, they are insured and they are the baby getting thrown out with the bath water lately. A dollar less than NAV for tax-free money, I'll take it.