As skittish investors seek out the safest possible investments to protect themselves from the financial markets' latest crisis, short-term yields in the U.S. Treasury market have plunged noticeably lower over the past week as a result of a massive flight to quality, while tax-free money market yields have increased dramatically.

Some participants said the municipal and Treasury markets haven't been this tumultuous since the credit crisis began in the third quarter of 2007 and the first quarter of 2008 when the auction-rate market collapsed. Others compared the market's current state to that of the Stock Market Crash of 1929 and the prelude to the Great Depression.

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