Don't say you weren't warned. Much of the debt out there is not safe. Remember, a bond is just a loan. If the borrower can't pay you back, or make the interest payments, your investment falls dramatically in value. If the borrower defaults (cannot pay you back), you may have a claim on underlying assets, or you may not.
http://www.marketwatch.com/story/vanguard-move-highlights-muni-market-turmoil-2011-01-14
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