joining me is dave rosenberg from rosenberg research. we don't talk to you about munis that much.o take a different tack here although they'll ask you about rates more broadly how attractive are they for investors? >> well, i think that the premise of the report i published was a relative value trade because nothing is trading at any of these levels, including the stock market that, if interest rates, i'm talking about in the treasury market, were as low as they are right now. we went through all the different parts of what's called scrap products high yield and investment grade corporates, asset backs, mortgage backs, credit cards, the whole gamut. and we found that in the muni space, it's actually the only part of the nontreasury segment of the bond market that's trading at interest rate spreads off the government bond market that's higher than they've been in the past. so it was really more a relative value trade that they are basically trading off treasuries much more attractively than all their competitors in the credit space. >> is there concern? right now it seems like, if

dave and rosenberg, rosenberg research founder and chief economist. the big solution, sometimes higher prices -- tom: we hear that from a lot of good guests. it is played out time and time again. number is the poster child now. i really take issue with the simplistic view of looking at gross inflation data. rosenberg, merrill lynch invented the parsing of inflation. on page seven of his report, he used to breakout, for radio i'm showing this, line by line. jon: get the sound effect. tom: [imitates] there you go. i think the parsing of inflation is necessary, whether it is carl riccadonna or dave and rosenberg, ed hyman the other day, the rest of them are on one page and the inflation east does -- inflationistas are on another page. i don't think that [indiscernible] jon: that doesn't leave a permanent mark on the inflation process. we can talk about that line later when we are joined -- tom: why can't we have -- jon: some guy named lou cala -- he will be joining us this morning. i've seen your beard. it looks good when you don't shave after a vacation