In the first part nonlinear stability of dissipative magnetized parallel flows is studied using Lyapunov methods. For two-dimensional perturbations perpendicular to the direction of the flow, a Lyapunov functional is constructed explicitly by two slightly different methods. This insures the nonlinear unconditional stability of the system. Though the extension of this nonlinear work to three-dimensional perturbations seems impossible at present, a conjecture concerning linear stability of magnetized Couette flows is stated, whose proof may become a mathematical challenge. In the second part the addition of parallel flows to ideal static equilibria is investigated. It turns out that Palumbo's “isodynamic” equilibrium plays a special role in this problem.