Today's Muni Bond Risks And Lessons From The 5 Biggest Muni Defaults

How much risk is there in today's muni bond environment? As this Smart Money article describes:

Despite grim predictions of a market collapse — kicked off in late 2010 by celebrity analyst Meredith Whitney — the overall number of defaults has been falling. Municipal-bond funds, meanwhile, have gone on to post market-beating returns, even as many stock funds floundered.

However, the article brings up the fact that "some cracks are starting to show." It ends with a review of the 5 largest muni defaults of all time focusing on the lessons for investors.