Wednesday, January 12, 2011

Meredith Whitney: Whitney Defends Muni Call, Sees 'Indiscriminate Selling' - CNBC

Mr. Miller concurs with Whitney on State and local government municipal debt. The facts and numbers are public, a majority of the U.S. States are essentially broke, real estate tax income has fallen off the cliff due to declining values. States have no choice but to substantially increase local taxes to avoid default. Some will default, it is a foregone conclusion. The U.S. Economy is underwater with 15% true unemployment and defunct housing market. Meredith Whitney: Whitney Defends Muni Call, Sees 'Indiscriminate Selling' - CNBC

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