We passed a good year last week, and we still have two big months to go. That's one way to look at the volume statistics from Securities Data Co., showing 1993's long-term municipal bond volume at $237 billion, surpassing 1992's total of $235 billion.

Okay, some of you are thinking now: Nothing crazy in the Spectator this time around, now on to business. But wait a minute. Take a look at those volume figures, and what they say.

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