State Budgets. Meredith Whitney on California Munis

Meredith Whitney sat down with Steve Kroft on “60 Minutes” Sunday, December 18, night to rehash her well-known views about the threat the finances of states and localities pose for the economy. “It has tentacles as wide as anythign 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 says.