Wednesday, October 12, 2011

Remember Meredith Whitney?

Last year she predicting "hundreds of billions" in municipal bond defaults for 2011. So far she's waaay off, in the first half of the year there were $511 million of muni defaults. However that number is almost going to double today as Harrisburg filed for bankruptcy. Still a far cry from "hundreds of billions" but if it works out well for them maybe other heavily indebted municipalities will follow suit. There are certainly no shortage of those.

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