Why Was Meredeth Whitney Attacked; Municipalities are Cash Cows for Wall Street, and yes, many are broke as are many States across the Union.
Municipalities derive a large portion of their revenues from property taxes. With 11 percent of all homes across US vacant, 30% underwater and millions more coming, property tax revenues are in arrears across the board and values continue to decline.
Let's start addressing reality and the facts about the U.S. Economy!
Looting Main Street-http://www.rollingstone.com/politics/news/looting-main-street-20100331?page=1
Obama Plans To Rescue States with Debt Burdens- http://www.cnbc.com/id/41488006
Negative Home Equity Surges, Weighing on Housing Recovery-http://www.cnbc.com/id/41483676