THRIFT
David Blankenhorn
(Templeton Foundation Press, $34.95)

This volume calls itself a "cyclopedia," an archaic word for an encyclopedia. No less out of vogue is the idea of thrift, the focus of this book, but the current economy may bring it back into style out of sheer necessity.

This coffee-table paperback takes the reader on a conceptual tour of thrift through philosophical, literary and economic history, quoting the likes of Benjamin Franklin and Daniel Defoe before bringing up to John Maynard Keynes and 20th century America. Readers will learn about building and loan assocations, savings and loans, credit unions and even thrift shops. The book explores less literal conceptions of thrift: thrift as business enterprise, as saving time, as frugality and as hoarding. Then there's thrift trivia: Warren Buffett's 2001 Lincoln Town Car, which sold for $73,200 at a charity auction, bore a license plate saying--what else?-"THRIFTY."

There's thrift for capitalists and for profligate spenders.

And there's even a thrift quiz in the appendix, doubtless a challenge for spendthrift clients who perhaps should receive this volume as a holiday gift.

-Richard Bierck

Muni Bonds

General Obligation Retail Yields 2009 2013 2018 2023 2038

Aaa 1.28 3.10 4.09 4.72 5.26

A 1.98 4.06 4.99 5.56 6.03

Baa 2.66 4.89 5.80 6.28 6.70

U.S. Treasury* N/A 2.50 3.75 N/A 4.20

*Treasury yield for 2-year is January 2010; 2037 is 30-year due February 2038.

Issues from Bond Buyer 40 Index

State/Locality Issue Maturity Rating Price Yield

Massachusetts Hlth & Educ Educ 5.00 2032 Aaa/AA 104.50 4.42

Arizona Health Fac (Banner Hlth) Trans 5.00 2032 Aaa/AAA 96.25 5.27

Illinois Finance Authority Trans 4.75 2037 Aaa/AAA 100.00 4.75

Metro Transp Auth NY Trans 5.00 2037 A2/A 102.00 4.74

New Jersey Transp Trust Fund Trans 5.00 2032 Aaa/AAA 103.63 4.54

Indiana Muni Pwr Agy Power 5.00 2042 Aaa/AAA 101.53 4.77

California GO GO 5.00 2037 A1/A+ 100.88 4.89

Connecticut St HEFA Educ 5.00 2042 Aaa/AAA 104.88 4.31

Massachusetts Sch Bldg Auth Educ 4.50 2035 Aaa/AAA 98.00 4.63

Puerto Rico Electric Pwr Power 5.00 2035 Aaa/AA 113.63 2.95

Ratings: Moody's/S&P. Pricing: S&P Securities Evaluations. Yield to worst case.

Sources: The Bond Buyer, Municipal Market Data, as of Feb. 8, 2008