Actually, it started off horrible, then things started looking up. Now disclosure questions are making things look bad again.

This story has already been told.

While “Muniland” may certainly be in for more hits, that doesn’t necessarily affect the average investor - one might try moving up the sophistication chain a notch. The next stop seems to be regional bank money market funds.

UPDATE: Pay attention to the natural progression - specific to the Florida case, that means pointing fingers at the previous political office holders.

UPDATE 2: Blackrock to the rescue. Excellent call, and it sounds like they are dealing quite fairly and equitably with the remaining fund participants.

Much more of this to come, whether teachers get paid or not.

The second “run on a bank”:

Montana school districts, cities and counties withdrew $247 million from the state’s $2.4 billion investment fund over the past three days after officials said the rating on one of the pool’s holdings was lowered to default.

There’s been some criticism floating around about the actions of some of the early withdrawing municipalities in Florida, and I’m sure some in Montana will hear the same flak. But you have to consider that “withdrawees” may be required to take action once the assets in these pools are downgraded.

Nevertheless, some are probably just following “The First Rule of Panic,” which is “Be the First to Panic!”