It is time to talk common sense about New York State and New York City -- two big issuers who are always in the news, and whose fortunes right now seem worse than most in the municipal market.

And if readers say they don't care, because it's New York, then they don't care about most issuers who get into trouble, because the problems of the state and the city are the same problems most issuers are facing, writ large, of course. New York never takes halfway measures.

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