When it comes to financial regulators give the public a heads-up, December is often a doozy?. That was 16 years ago this month that then-Federal Reserve Chairman Alan Greenspan warned faint dot-com bubble burst in 2000, followed by the explosion of subprime bubble crater the global economy "irrational exuberance." :. Greenspan said it was not his job to rein in one of their delusion. The same day the Fed seems unbothered about the possibility of new asset bubbles.Four Decembers ago, the news of his financial fraud Bernie Madoff news hit, Security and Exchange Commission has been criticized for having ignored warnings about others not different schemes. The second is due worked to restore his tattered reputation, nabbing merchant and, with the help of prosecutors, strike fear into the hearts once again ethically challenged sheriff hedgies restored.So resurgent financial seconds should mandate would increase by trying to save investors from the asset bubble? I have to think about all this when, the morning after Christmas, the second gave investors bulletin (PDF) The delivery of the 23 "to help educate investors about credit risk assessment they face when buying municipal bonds . "Agency provided this year, it was urged investors" to them your own independent from municipal bonds "risky" and "look beyond the short side of the label given to municipal bonds, as "general obligation" or "revenue bonds," or credit rating of the bond ";. when deciding whether to buy municipal bonds "Investors should collect as much relevant information before they spend their hard-earned dollars any investment," said SEC Chairman Elisse Walter press release. "While I will continue to encourage improved and more timely disclosure of the city to provide securities, investors should continue to learn all you can before they buy it." It was a flush of time for reflection. In a record year for all types of debt issuance, the hunger for yield has never been stronger. Bond-fund managers and ETF junk Company larding them with Unrated issue and / or Puerto Rico bonds. Christine Thompson, chief investment officer for fixed income at Fidelity, be warned that the muni sector will have a financial columnist Allan Sloan recently called a communist yield on top-rated 10 "train wreck waiting to happen. "" Landmines which exploded "- communist years fell to a record low 1.40 percent this month before shooting up to 1.75 percent, according to Bloomberg data. Even in the face of crisis and fighting California state pension in Chapter 9 of fever, investors representing 70 percent of muni-bond holders want more. According to Lipper, the mutual fund in the city has taken $ 50 billion in assets this year until December 19, the most since 2009.If Mom and Pop do not know what they are, Washington is to protect them from themselves "I? think it's ridiculous, "said Michael LeWitt, editor of The Credit Strategist, popular with bond traders report. "It seems to me that this is not the work of seconds to protect the investors of their own stupidity. They can not ban excessive enthusiasm or crowd behavior-chasing. I'm not sure it should be the role of anyone. Leave it to the market and stick to catch fraud. "Said Lori Schock, director of investor education and advocacy SEC, the idea of yield-chasing and large, bond inflows to the question" is certainly something we are concerned, especially in an environment of low interest rates "But. He said the post-Christmas newsletter is part of a broader campaign to provide a large amount of educational material to investors. With a year under the regime of sec ago, he noted, the commission may provide sixth study published today in 2012. "We will not be able to prevent or break the bubble," said Schock. "What can we do to increase our efforts to obtain information to help investors become more proactive."