Was Meredith Whitney Right About Munis?

In December 2010, less than two years after our emergence from the worst recession in 70 years, banking analyst Meredith Whitney opined on CBS's 60 Minutes that we were on the precipice of a municipal bond apocalypse. Her prediction entailed that we would see "50 to 100 sizable defaults ... [that would] amount to hundreds of billions of dollars' worth of defaults."