Providence Bankruptcy Seen as Unavoidable on Budget Gap

When Meredith Whitney, the star analyst who presciently predicted the subprime mortgage collapse in 2008, also put out a forecast for a rash of municipalities to go bankrupt last year, she was labeled a one-hit wonder as the bankruptcies didn't materialize in significant numbers.  Well, as it turns out, she probably wasn't wrong--she was merely early.

http://www.bloomberg.com/news/2012-03-27/providence-bankruptcy-seen-as-unavoidable-on-budget-gap.html