Arrive Magazine - May/June, 2011

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Whitney is afraid some local governments will get squeezed as states are
forced to tighten their belts. She’s convinced that some cities and counties will
be unable to meet their obligations to municipal bond holders who financed
their debt. Earlier this year, the state of Pennsylvania had to rescue the city of
“The most alarming thing about the state issue is the level of
complacency,” Meredith Whitney, one of the most respected financial
analysts on Wall Street and one of the most influential women in
Billion, but there is another financial crisis regarding state and local
governments. The media has failed to cover this crisis. In the last two years,
since the “great recession” wrecked their economies and shriveled their
income, states nationwide have collectively spent half a trillion
dollars more than they collected in taxes. There is also a trillion
dollar hole in their public pension funds.

States have been getting by on billions in federal stimulus funds, but the day of reckoning is here. This intensifying debt crisis has Wall Street worried it could de-rail any chance of an economic recovery, forcing a depression. This will cost

1,000,000 public employee jobs and require another huge bailout that has Washington shaking in its boots.

Respected Wall Street analyst Meredith Whitney believes no one really knows how deep the debt holes are. She and her staff spent two years and thousands of hours analyzing the financial condition of the 15 largest states. She wanted to know if states could pay back what they borrowed and the risk they pose to the $3 trillion municipal bond market, where state and local governments finance their schools, highways, and public projects. “How accurate is the financial information that’s public on the states and municipalities?” Kroft of 60 Minutes asked. “The lack of transparency with the state disclosure is the worst I have ever seen,” Whitney said.