Crippling debts and deficits are about to make individual states the next casualty of the credit crisis, analyst Meredith Whitney told CNBC.
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CNBC |
Speaking as her firm, Meredith Whitney Advisory Group, just released a lengthy report on the state of the states, the noted financial analyst compared the looming explosion to the collapse of the financial system in 2008 and 2009.
"The similarities between the states and the banks are extreme to the extent that states have been spending dramatically and are leveraged dramatically," she said. "Municipal debt has doubled since 2000, spending has grown way faster than revenues."
Whitney also offered another warning about banks, saying a sharp dropoff in trading revenue and a double-dip in housing would hammer at fourth-quarter earnings.
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What she said will come to pass as Albert was fond of saying.
ReplyDeleteCalifornia - Liberal; spend happy; ten thousand social programs; entitlements on top of entitlements -- on down the line.
Texas - conservative; small government oriented
fiscally responsible - etc. etc.
Ok YoBamaMama
which one is pulling the wagon and which one are WE going to have to friggin' bail out !
This IS NOT rocket science you stupid prick !
Get er done or quit and go back to --------
Where ever
Texas? I heard that Texas has big problems? Remember all the governor debates. It was mentioned about 18 billion in the whole. As for Perry, the CFR man, if elected Texas will be like CA & MI & IL & FL ???
ReplyDeleteWith suretainty we need responsible people running the world. What will we do when they arent coming out with honst truth sit back and holler. Ifwe could try we would be aiming at finanses and not goverment. Rude people, don't be quick to judge.
ReplyDelete- Sam
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ReplyDeleteI won't lose any sleep about California's eventual fate. D.C.'s politics came from California. California's brand of neo-socialism and rabid Anti-Americanism makes me feel that California is the tumor which needs to be removed before the patient has any chance of surviving.
ReplyDelete