This is nonesense. I just got 50k worth of double tax free state munis at just a tick under 5%. Any investor who is careful can make 4% or 5% in general oblgation bonds, Unit investment trusts, or other munins. You can even get them insured. The pimp from Pimco is a running joke in the industry.
If you dont mind me asking, what states did you buy the bonds for and how do you get the insured ?