The report was written by RGE analysts David Nowakowski and Prajakta Bhide. They suggest that the problems are not "systemic," will not "infect the financial system," and that defaults "will continue to be isolated events," according to the Wall Street Journal.
Also to the bondholders favor, the report points to some significant advantages for those invested in muniland. The typical recovery rate for municipal bonds is 80 percent—which is a much better rate than what is typically seen on corporate defaults. As the article points out, this may be related to the Chapter 9 municipal bankruptcy code, which provides strong protection for the holders of municipal debt.
Still, the report does contain this ominous warning: "Avoiding a crisis will involve real austerity that has only partially been implemented thus far."
So if Whitney is a bear's bear on munis, Zandi is a bulls bull, then Roubini's analysts are bearish bulls. Or should that be bullish bears?
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