"Today, Whitney is releasing a 600-page report, colorfully entitled "The Tragedy of the Commons," that rates the financial condition of America's 15 largest states, measured by their GDP. . . . the study warns that the giant gap between states' spending and their tax revenues, estimated at $192 billion or 27% of their total budgets for the 2010 fiscal year, presents two dangers that investors are seriously underestimating. First, municipalities could start defaulting on their bonds guaranteed by the cities and towns themselves, an exceedingly rare event over the past three, mostly prosperous, decades. "People keep saying it can't happen, just as they said national housing prices could never go down," says Whitney. "Now, it's a real danger."" http://finance.fortune.cnn.com/2010/09/28/meredith-whitneys-new-target-the-states/#comments
This woman is too slow. Secession called already in October 2009 by yours truly - I noo it way before this but that was the date I came to ET so that is the only documentation that counts, in line with, if it ain't written it ain't true. see link below on pages 1 & 2 and elsewhere http://www.elitetrader.com/vb/showthread.php?s=&threadid=179613&highlight=lambda