Inquiring minds are reading Rich Stunned by Recession Sell Munis for First Time by Bloomberg columnist Joe Mysak. For the first time in decades, the rich showed no confidence in state and local governments during a recession. This astonishing tale is told in the new edition of the Internal Revenue Service’s Statistics of Income Bulletin, which shows that in 2008, the latest year for which preliminary data is available, the richest taxpayers collected $7 billion less in tax-free interest than …

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Wealthy Unload Munis; Junk, Corporates, Equities, All Overpriced; Take Some Chips Off The Table