Meredith Whitney defended her outrageous muni default prediction on CNBC:
1. "When I say default, I also mean NOT the technical definition of default" (See video 3:54)
2. "Yes, we have a federal government that can bailout... but who in Nebraska is gonna want to bailout someone in Florida?"
Meredith Whitney predicted a massive wave of munipical bond defaults in 2011 on national TV last Sunday. She expects 50 to 100 SIZEABLE defaults, totaling hundreds of billions of dollars. There were only 64 defaults during the past 30 years.
It's not a secret that state and local governments are in trouble for a couple of years now. However, Meredith Whitney is predicting several hundreds of billions of dollars' worth of defaults. This is about 10 percent of the $3 trillion municipal bond market. Insider Monkey doesn't agree with Meredith Whitney's outrageous muni prediction. Here is the video:
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