According to the disclosure, Gov. mps._queue.gptloaded.push(function() { Before it's here, it's on the Bloomberg Terminal. The state said it received $4.16 billion under the federal CARES Act. return _regex.test(_qs); Ms.Whitney has refused to release her September report or provide it to Congressional staff. But her latest prediction of mass municipal bond failure is over the top. “That’s why we invest in municipal bonds — municipalities have the ability to get through this,” he said. return false; Funds like iShares S&P National Muni Bond ETF (MUB) are good, safe ways to invest in diversified baskets of muni bonds. } else { el.parentNode.insertBefore(s, el); mps.__intcode = "v2"; Ms.Whitney is also drawing scrutiny from Washington, where a Congressional panel will meet on Wednesday to examine the turmoil in the muni bond market, including whether Ms.Whitney… Sign up for free newsletters and get more CNBC delivered to your inbox. That’s hardly a palatable time to dump money into pensions. “Since then a dramatic decline in the finances of state and local governments has made it increasingly likely that she will be remembered as right but early. Lastly, a reminder: Being early is the same as being wrong. Meredith Whitney's dark muni-bond call is looking wrong-er. “It’s ludicrous, reckless and irresponsible, and it’s being done without any regard for the consequences.”. mps._debug('[MPS]: email address detected in url, bypass gpt. A Division of NBCUniversal. She left her old gig and started her own company (creatively named Meredith Whitney Advisory Group).

Investors began an exodus from municipal-bond mutual funds last year, pulling out $30 billion.

(function(){ d.setTime(d.getTime() + 60 * 60 * 24 * 30 * 1000); She’s forecasting nothing less than total Armageddon in the muni bond market. If you don’t want to pick and choose between individual muni bonds, you can always go the ETF route. These days, Ms.Whitney, 41, finds herself pilloried in the news media and by colleagues for predicting a calamity in municipal bonds. '); Illinois, the lowest-rated U.S. state, is starting to face a similar problem, with a steady trickle of outmigration for four consecutive years.

He previously covered bonds for Bloomberg News. if (!_qs) { But their tax revenue exceeded their 2008 levels only once in the following six years as the economy recovered from the recession, according to Census Bureau data.

Her “conservative” estimates call for 50 to 100 large muni bond defaults within the year. “I think it was self-interest to go on prime time to pump up her future business,” said Matthew McCall, president of the Penn Financial Group, an investment advisory firm that holds muni bonds. var d = new Date(); This isn’t to say pensions aren’t a problem. Second, a large swath of investors in the so-called sleepy market were wide awake ahead of defaults from Detroit and Puerto Rico. Small Part “There are other things they can do.” mps.insertAd("#" + slotid, adunit) (t&&t.licenseKey&&t.applicationID&&e))return u.abort();f(g,function(e,n){t[e]||(t[e]=n)}),c("mark",["onload",a()+x.offset],null,"api");var n=l.createElement("script");n.src="https://"+t.agent,e.parentNode.insertBefore(n,e)}}function o(){"complete"===l.readyState&&i()}function i(){c("mark",["domContent",a()+x.offset],null,"api")}function a(){return O.exists&&performance.now?Math.round(performance.now()):(s=Math.max((new Date).getTime(),s))-x.offset}var s=(new Date).getTime(),c=t("handle"),f=t(21),u=t("ee"),d=t(20),p=window,l=p.document,h="addEventListener",m="attachEvent",v=p.XMLHttpRequest,w=v&&v.prototype;NREUM.o={ST:setTimeout,SI:p.setImmediate,CT:clearTimeout,XHR:v,REQ:p.Request,EV:p.Event,PR:p.Promise,MO:p.MutationObserver};var y=""+location,g={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",agent:"js-agent.newrelic.com/nr-spa-1118.min.js"},b=v&&w&&w[h]&&!/CriOS/.test(navigator.userAgent),x=e.exports={offset:s,now:a,origin:y,features:{},xhrWrappable:b,userAgent:d};t(17),l[h]? He is also a CFA charterholder. “A locality is going to lay off a teacher before they default on their bonds,” said Iris J. Lav, a senior adviser at the Center on Budget and Policy Priorities, a nonprofit research group in Washington. var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; It’s true that those states have real problems and politicians can no longer employ the tried-and-true method of passing the burden to their successors. And I certainly consider relocating to be a drastic change. 'keywords' : '~' , You can stop stockpiling canned food in your basement. Make no mistake, Meredith Whitney knows banks. }; mps._adsheld.push(adunit) 'cag[brand]' : 'none' , 'stitle' : 'Meredith Whitney's Muni Prediction Draws Scrutiny' ,

Cash Levels From curbing contract bargaining to imposing higher employee contributions for health care and pensions, legislatures and governors have sought to ease fiscal burdens for municipalities. Yes, maybe state and local governments could have done more to shore up their systems during this bull market in stocks. That compares with 60 in the first half of last year, totaling $2.29 billion, and 144 in the first six months of 2009, at $4.89 billion.

“Like you or hate you, if you force investors to think, then you’ve done your job as an analyst,” said Richard X.Bove, a banking analyst at Rochdale Securities. mps._queue.mpsloaded = mps._queue.mpsloaded || []; }); “There’s absolutely nothing about our thesis that has changed,” she said on July 12 in an interview with Tom Keene on Bloomberg Radio’s “Bloomberg Surveillance” show in New York.

script.setAttribute("src", "//www.npttech.com/advertising.js"); head = document.head || document.getElementsByTagName("head")[0], mpsload = document.createElement("script"); In this case, revenues are taxes. Municipal defaults are rare. To contact the author of this story:Brian Chappatta at bchappatta1@bloomberg.net, To contact the editor responsible for this story:Daniel Niemi at dniemi1@bloomberg.net, Why the Democrats’ Campaign Against Barrett Fell Flat, The Real Winner of the Work-From-Home Economy. mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2"; Instead, the number has fallen as cities slashed spending to balance budgets and state lawmakers stepped in to guard against insolvency and local bankruptcies. The state is rated triple-A by Fitch Ratings, Moody's Investors Service and S&P Global Ratings. Tags: iShares S&P National Muni Bond ETF (MUB), Meredith Whitney, muni bond investing, muni defaults, municipal bonds. Normally, Wall Street analysts are loath to criticize one another, at least on the record. Municipals were in a holding pattern ahead of this week's $15.8 billion new-issue slate as issuers pour debt into the market and investors remain cautious ahead of election results.

The market has rebounded as the wave of defaults she predicted failed to materialize. Meredith Whitney talks about municipal securities in several recent interviews this year. Data is a real-time snapshot *Data is delayed at least 15 minutes. The benchmark iShares S&P National AMT-Free Bond Fund, with a $2.17 billion market valuation, has had a total return of 7.2 percent since Whitney’s “60 Minutes” appearance, according to data compiled by Bloomberg. Many issuers in California specifically do not mention climate change in their official statements. }. mps._queue.mpsloaded.push(function(){ The economic, financial and budgetary impacts on the state and its economy from the measures taken to combat the spread of the virus are expected to be significant, according to the five-page document posted on the Municipal Securities Rulemaking Board’s EMMA filing system Tuesday. var dynamic_yield_enabled = 1



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