Assuming that one has broadly diversified municipal bond holdings, the threat would not seem to come from a biblical-scale wave of defaults. (I mustadmit that we have no data on muni defaults during biblical times.) The bigger threat to a broadly diversified muni portfolio would seem to be the typical market cycles of run-up followed by correction followed by run-up.
At one stage in the ceremony all ex-Wildlife Service staff were asked to stand, and I mustadmit that there was a huge swelling of pride in doing so and in the knowledge that we were once part of a very elite group of people.