In this great land of the free and home of the brave, a country where 75% of the people do not know the name of their own representative, we will go to the polls tomorrow to elect a new Congress, the 104th in our history, and Republicans may gain control of both House and Senate. Across the nation, 36 gubernatorial races are at stake.

Political campaigns this autumn, with alarming frequency, have been horrifying and absurd, and we cannot make sense of them, much less figure out what the outcome will portend for the parochial world of municipal bonds. Can Huffington and North really win? Can Cuomo and Kennedy really lose? Will the Bush boys take Florida and Texas? Will Speaker Foley be ousted? Will Bob Packwood, who once stopped the municipal bond market in its tracks, replace Darnel Patrick Moynihan as chairman of the Senate Finance Committee? Will Edward Markey no longer be the most important mum bond legislator in Congress?

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