"Those who are investing in the market," declared Illinois Gov. Pat Quinn on the eve of last week's sale of $900 million of Build America Bonds by the money-devouring state government, "…know our bonds have always been repaid." Taking Quinn at his word, the market clamored for more than twice as much debt as the state had to offer. . . . The United States may be more fiscally problematic than even the state of Illinois, but the government in Springfield possesses neither an A-bomb nor a central bank. Now begins a brief sequel to our more than brief arraignment of the municipal bond market two issues ago. Illinois--past, present and future--is the featured subject.

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