Ayear and a half ago, Meredith Whitney appeared on 60 Minutes and boldly declared that massive municipal bond defaults were forthcoming. She said the day of reckoning was imminent, with $160 billion of federal stimulus spending ending and states having to cut funding to municipalities. Since Whitney had been right in predicting the collapse of the housing market, while the likes of Standard & Poor's and Moody's missed the mark, her forecast was linked to a wave of selling.
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