"A "tidal wave" of defaults in the municipal bond market is still building and
will eventually hit the United States, says Wall Street analyst Meredith
Whitney.
Many U.S. cities, towns and municipalities are insolvent but are treading along similar to how Greece did for years before officially defaulting.
In late 2010, Whitney told 60 Minutes that municipal defaults could run up into the hundreds of billions of dollars although that hasn't happened. Maybe not officially, but insolvency is a deepening problem, and defaults are still on the way..."
at http://www.moneynews.com/Headline/Whitney-muni-Bond-Defaults/2012/03/15/id/432699
Many U.S. cities, towns and municipalities are insolvent but are treading along similar to how Greece did for years before officially defaulting.
In late 2010, Whitney told 60 Minutes that municipal defaults could run up into the hundreds of billions of dollars although that hasn't happened. Maybe not officially, but insolvency is a deepening problem, and defaults are still on the way..."
at http://www.moneynews.com/Headline/Whitney-muni-Bond-Defaults/2012/03/15/id/432699
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