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As Cities Start Going Bankrupt Investors get out of Municipal Bonds

Meredith Whitney was an obscure Oppenheimer & Co. bank analyst back in 2008 when she broke from the pack and predicted Armageddon. She was right, the pack was wrong, and she parlayed her new-found fame into a research boutique of her own.

Last year she went for it again, predicting that the next big crisis would be in municipal bonds, as U.S. cities, counties and states ran out of money and started defaulting. This call didn’t pan out as quickly:

July 15, 2011 — Time is running out on the credibility of Meredith Whitney, who has yet to acknowledge that her eight-month-old prediction of widespread defaults this year in the market for state and local government debt is proving unfounded.

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  • John Haley on December 13 2012 said:
    Corporate Fascist Banksters would go under if you took the fraud out of banking. 800 Trillion dollars worth of
    toxic worthless counterfeit derivatives are still off the books. It's a ponzi scheme.
    Wall Street is a criminal enterprise and the Fed
    is an enemy of the people.
    I say write all these fraudulent debts off and start over.
    Let's defund our Nazi Empire and spend the money here at home and pay for Healthcare and schools and eliminate student debt and write down the mortgage loans that skyrocketed due to banking fraud.
    We need all the banking regulations that Roosevelt
    Installed back and deal with these fraudsters with
    the Rico Act.
  • Hans Nieder on August 16 2012 said:
    For all of the Chapter 7, 11, and 13, we wish to thank the labor gangs, principally SEIU and Axme, for their tireless labors in exploiting the taxslaves of America...

    Let us forget all of the brilliant elected officials, who through their social justice ministries, aided and abetted this collapse?

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