In a speech before the United States Chamber of Commerce, JPMorgan Chase Chairman and CEO Jamie Dimon told the audience:
I wouldn’t panic about what I’m about to say. You’re going to see some municipalities not make it. I don’t think it’s going to shatter America, I just think it’s a part of the credit cycle.
He went on to say that some municipalities will need to renegotiate their debt and it will be hundreds of them that may “not make it.”
Analyst Meredith Whitney has been essentially warning about the same thing but has been under attack for her comments from the muni bond industry and has faced extensive repeated attacks for her view in columns by FOX reporter Charlie Gasparino.
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