About a month ago, I wrote a piece entitled Municipal Bonds The Next Shoe to Drop?, which highlighted the asset class I thought was in the most danger: municipal bonds and the municipal bond closed end fund space in particular. The ARS (Auction Rate Security) market has frozen up since then and the municipal bond market itself has frozen up as a result of insurers like MBIA (MBI), Ambac (ABK) and FGIC’s business models being brought into question. Add to the mix a slowing economy and falling tax receipts as a result of the real estate debacle (which is now...