You can count on it that they are.
I’ve been telling my best bud that a collapse in the muni market is how “it” begins.
Long ago, financial novelest Paul Erdman penned a book wherein the complete lack of oversight in the Muni market
was a central theme. I believe the book was called Zero Coupon.
Paul passed on a few years ago and I miss his colorful insight into the financial markets. I love this paraphrase from an early book, early 80s, uttered by the central character: “I became uneasy about the stability of the financial markets when I figured out some guy in a tent in the desert could cause panic”.