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The Layers of the Credit Crunch Onion

Overview
This paper is intended as a follow up to our client update calls and meetings held during November. At that time, we recommended that clients monitor the market until late January, and at that time we would start to see the path to clarity in the tax exempt market. While we expect significant news and developments over the next two weeks, we believe we can see a light at the end of the tunnel, and we want to ensure that the light is not a train.

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