There's a direct connection between the smell of a thing and its impact on the stomach. and when an exceptionally abusive scent wafts by, it results in real gastrointestinal pain. That's happening all the time, now that the general press is running negotiated underwriting "stories."

Most repellent are the generalizations now being cast about by even the reputable newspapers. The New York Sunday Times, for example. ran a piece eight days ago that stacked misunderstanding upon misinformation, threw in some miscalculations, and threatened the municipal underwriting business. Understandable, perhaps, given the intricate nature of the negotiated-versus-competitive subject, but in no way responsible.

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