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Mar 2: Matt Fabian on fiscal stimulus, bond insurance
Part 2, March 2 2009: Matt Fabian, managing director at Municipal Market Advisors, says smaller borrowers such as hospitals, universities and cities are still having trouble accessing the debt markets. The effects of the federal stimulus package "have been pretty modest". The municipal bond market is enormous and fragmented, with no consistent lobbying force in Washington, and there has not been much help for smaller issuers. This could results in a wave of defaults by hospitals, private universities and small cities. Bond insurance is still needed.