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As The States Go Bankrupt… December 25, 2010

60 Minutes
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State Budgets: The Day of Reckoning (CBS’s “60 Minutes”) “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 American business, told correspondent Steve Kroft… “It has tentacles as wide as anything I’ve seen. I think next to housing this is the single most important issue in the United States, and certainly the largest threat to the U.S. economy,” she told Kroft. Asked why people aren’t paying attention, Whitney said, “‘Cause they don’t pay attention until they have to.”…And nowhere has the reckoning been as bad as it is in Illinois, a state that spends twice much as it collects in taxes and is unable to pay its bills.;cbsCarousel

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