WASHINGTON -- The head of the Public Securities AssociatiOn cautioned yesterday that public reaction to derivatives may have gone too far and that avoiding the use of the financial products can also be a risk to issuers and investors.

"It seems to me that, in the current environment, there is a risk that the pendulum is swinging too far toward a kind of false fiscal conservatism," PSA president Heather Ruth said in a speech at a public pension seminar held in Texas.

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