[I am Richard Brandon]

"and investors around the world are no longer willing to hand over gigantic sacks of cash to state and local governments"

As of last Friday, Chase was still advising me to invest in bonds. Admittedly, they were advising "Get out of an 80% bond/20% stock fund into a 20/80 fund." In my view, that is the worst possible advice because it will depress bonds by selling but you stay invested (20%) in bonds as their value sinks. All the time that Chase and their ilk say "invest in bonds", state and local governments will stay 'afloat.'

[ErnBatavia]

As my now late parents drifted into old age compounded by dementia, I took the reins....they were old-school invested in "rock solid" stuff such as munis, with corporate bonds issued by the likes of GM, Ford, GE, banks, etc.

I got really goosy seeing the numbers go up and down with each monthly statement, so I literally put them into an all-cash situation just three months before the meltdown. Had I not done this, they would have died stone broke.