Was Meredith Whitney Right About Municipal Bonds? (CMF, MUB, NYF): "In December 2010, less than two years after our emergence from the worst recession in 70 years, banking analyst Meredith Whitney opined on CBS's 60 Minutes that we were on the precipice of a municipal bond apocalypse. Her prediction entailed that we would see "50 to 100 sizable defaults ... [that would] amount to hundreds of billions of dollars' worth of defaults."
For the most part, this prediction hasn't exactly panned out. There have been notable city bankruptcies, including Vallejo, Calif., and recently Pennsylvania's capital, Harrisburg, but nowhere near the 50 to 100 defaults that Whitney had called for.
So, does this mean Meredith Whitney's predictions were all wet? I don't think so.
I think Whitney's timing didn't work out as well as many of her other calls, but there are some very sizable defaults around the corner if something isn't done soon."
Take a look at his table. And of course we promoted the same leftist cabal that has been running ChicagO into the ground to run the country. Brilliant.
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