Next Systemic Risk?

I've long feared the Muni Bond market will eventually present the next credit market "freeze". The below video interview brings my concerns (unstated intentionally so as not to appear a perma-bear) to the fore while basing the determination on a top down (state govvys to muni govvys) analysis rather than mine which was bottom up. The conclusions however remain the same either way. The financial challenges states face could be the next systemic risk within the financial markets, according to Meredith Whitney, CEO of the Meredith Whitney Advisory Group. T. W. Merryman Managing Director Interconti, Limited (Market Research Analysts) Chicago, IL 60604 e: intercon@intercontilimited.com w: www.intercontilimited.com