Meredith Whitney: You've Got Three Days to Get Out of Dodge
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Outspoken analyst Meredith Whitney phoned it in to CNBC this morning, discussing the recent $2.5 billion loan request by New Jersey.
Though the loan isn't a big issue, CNBC commentators padded the session by suggesting this was just to tide New Jersey over until a bond offering. Whitney offered an ominous view toward the end of her comments.
"It will sting the most July 1st when states cut off aid to municipalities." So you've been forewarned. Oh, and you've got just three days to prep.
Whitney also said default was going to happen and that she could name "dozens of large ones" off the top of her head. No commentator at CNBC asked for specifics.
When asked whether she would like to see defaults just so her call of muni bloodshed would come to fruition, Whitney replied, "of course not. But it's sadly and inevitability."
There was a slight quiver in her voice when she uttered those words.
Though the loan isn't a big issue, CNBC commentators padded the session by suggesting this was just to tide New Jersey over until a bond offering. Whitney offered an ominous view toward the end of her comments.
"It will sting the most July 1st when states cut off aid to municipalities." So you've been forewarned. Oh, and you've got just three days to prep.
Whitney also said default was going to happen and that she could name "dozens of large ones" off the top of her head. No commentator at CNBC asked for specifics.
When asked whether she would like to see defaults just so her call of muni bloodshed would come to fruition, Whitney replied, "of course not. But it's sadly and inevitability."
There was a slight quiver in her voice when she uttered those words.
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