Meredith Whitney, Meredith Whitney Advisory Group LLC, appeared on 60 Minutes, saying that the biggest threat to the US economy is now the looming debt crisis at the state and local government level, and particularly, in the Muni Bond Market. 60 Minutes' Steve Croft states that state and local governments have collectively spent $500-Billion more since 2008 than they have collected in taxes, during the same period.
Whitney states the problem is prolific, its 'tentacles' widespread. She added, "Next to housing, this is the most important issue in the United States right now, and the largest threat to the US economy."
When asked why people aren't paying attention, Whitney responded, "Because they don't pay attention until they have to."
Here is Pt. 1:
Here is Pt. 2:
Source: CBS, 60 Minutes, December 19, 2010, Youtube.
