PWF Opinion

Frenzied demand by investors for the $2.5 billion in bonds sold recently to finance construction of a new central terminal at LaGuardia Airport is the best evidence yet that abundant, long-term money is available at rock-bottom rates to invest in America’s  infrastructure.

That this is not happening—with credit spreads collapsing in the municipal bond market and global investors scrambling for yield—may go down in history as one of the colossal mistakes of the our time.