“In December, projections by Meredith Whitney, the banking analyst, about possible municipal defaults began to rattle the $2.86 trillion municipal-debt market. Investors withdrew $1.2 billion from U.S. municipal-bond mutual funds,…
“The rule on staying alive as a forecaster is to give ’em a number or give ’em a date, but never give ’em both at once.”
Smart Money magazine and the NY Times reported on the NYC American Folk Arts museum that went bankrupt by defaulting on its muni bonds in Mid August 2010.