Muni Dangers: Meredith Whitney Wasn't All Wrong

Though fears of a financial armageddon have come and gone, the municipal bond market still faces dangers due to the continued global debt crisis and tougher conditions closer to home.

Munis have held up well this year, thanks to a variety of conditions: Low supply, municipal government belt-tightening and a national economy that appears, for now, to have skirted past fear of another recession .