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Why the Muni Bond Market Is in Decline

PIMCO is doing the right thing....maybe they had to, but it is always the correct thing to suspend dividends to get back into leverage compliance rather than sell distressed securities at the bottom of the market to get back into leverage compliance. Why do these bone-headed fund managers do that--sell at the bottom to redeem the AARPS leverage? [They are required to get to a max 2:1 ratio]. Because they think investors are so bone-headed that they respond only to current payouts, not to preservation of capital. It is sooooooooo stupid--destroying the funds to save the payout--temporarily. I want to tear my hair out.