Meredith Whitney Warns Of States, Cities Defaulting, Muni Bond Market Chaos, And Social Unrest

Back when the global financial crisis was still in its infancy, I used to call the former managing director at Oppenheimer & Co. Meredith Whitney the “Diva of Doom” for her gloomy predictions concerning the U.S. banking sector. Last night Whitney, now CEO and founder of Meredith Whitney Advisory Group, appeared on CNBC and warned that a wave of defaults by state and local governments in the coming months will cause a sell-off in the municipal bond market, hurting U.S. economic growth and stocks- and causing social unrest.

Scary stuff.

CNBC Video Link

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