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Meredith Whitney: State Finances Are Still Doomed These Three States Are In The Most Trouble
Yahoo Finance ^ | April 26,2012 | Stacy Curtin

Posted on 04/26/2012 8:02:30 AM PDT by Hojczyk

Jeff Cox at CNBC.com spotlights one area where she's wildly bullish. She likes the agriculture and commodity states that are 'right-to-work' where businesses are creating jobs:

"I am wildly bullish on the U.S. in particular markets...I think the U.S. market looks terrific (though) as a collective the U.S. market is not going to grow all together," she said during a "Closing Bell" interview.

"There's opportunity from Texas all the way up to North Dakota, and you can play every industry on that basis," she added. "It's the agriculture-commodity belt — also the Right to Work states. That's where businesses are moving because it's easier to operate and create jobs. So you see a massive demographic shift to those areas."

But there are three stats in particular she doesn't like: California (which is the worst) followed closely by Illinois and New Jersey. In Illinois, in particular, she cited something new about parents being forced to pay for school busses because finances have gotten so bad.

Some other points she made:

Europe is stil in a lot of trouble. And beyond Spain, you have to watch France.

The panic in Europe will keep US rates low, and that makes the Fed's job easier since rates will stay low.

On Citi, there are no big risks out there any more.

She's 'absolutely' still worried about state finances. In fact there's more evidence supporting the thesis that the states are in trouble.

Some great financials she likes: American Express and JPMorgan (which is really trip).

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: meredithwhitney; statecrisis; statefinancialcrisis

1 posted on 04/26/2012 8:02:41 AM PDT by Hojczyk
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To: Hojczyk

Gee Whiz, I wouldn’t have guessed that California, under the repeat leadership of Gov Moonbeam, Illinois, under the leadership of Dear Leader wannabes, and NJ, formerly under the control of whathisface who can’t remember what he did with 2 or 3 Billion dollars, are in financial trouble.


2 posted on 04/26/2012 8:06:48 AM PDT by jayrunner
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To: Hojczyk

Meredith Whitney has been “Chicken Little”-ing for a long time now. I don’t think anything she’s predicted has come to pass anywhere near as bad as she’s predicted.

Yeah, there are things worth being concerned about - but it’s probably not all gloom, doom, and disaster as Meredith Whitney predicts.


3 posted on 04/26/2012 8:08:01 AM PDT by Keith in Iowa (Willard Romney, purveyor of the world's finest bullmitt. | FR Class of 1998 |)
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To: Hojczyk

Let them destroy themselves and then we can turn them into poster chi’ren for getting rid of collectivism.


4 posted on 04/26/2012 8:09:09 AM PDT by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: Hojczyk
But there are three stats in particular she doesn't like: California (which is the worst) followed closely by Illinois and New Jersey. In Illinois, in particular, she cited something new about parents being forced to pay for school busses because finances have gotten so bad.

I'm wondering; will these three States STILL go for Obama again in 2012? Anybody? I'm betting all three of them will be in The Dem Column on Election night. The only possible exception..... New Jersey. Somebody give me some input.
5 posted on 04/26/2012 8:21:11 AM PDT by no dems (TED CRUZ: A PROVEN CONSERVATIVE FOR U.S. SENATE FROM TEXAS.)
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To: jayrunner
My prediction for how catastrophic failure would be seen by the Political and Media Establishment:

California -- [shrug]
Illinois -- [shrug]
New Jersey -- Well! No surprise! That's what you get for putting a Republican like Chris Christie in charge!!!

6 posted on 04/26/2012 8:28:18 AM PDT by ClearCase_guy (Like Emmett Till, Trayvon Martin has become simply a stick with which to beat Whites.)
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To: jayrunner

The parents have to pay for the school bus because the SOCIALIST DEMOCRAT UNIONS are so mismanaged, bloated with high salaries, vacation pay, pension and health care costs they can’t afford BUSES and BOOKS. Gee, sounds just like a communist run government. Education has turned into a retirement mecca for socialist democrats instead of a teaching institute for the kids.


7 posted on 04/26/2012 8:28:31 AM PDT by spawn44
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To: Keith in Iowa

I think it will be worse. I predicted, in 2007, that Seattle real estate could fall as much as 20%. I was rabidly accused of being a doom and gloomer. And even I thought I was going out on a limb predicting such a huge, unprecedented drop.

But it dropped over 30% and it is not “doom and gloom”. Rather, it is just the new normal.

What is happening will not really sink in to people until the sudden culmination of all of it. I think this guy may be spot on about the event, as opposed to when it will happen:

http://www.grandpappy.info/honehour.htm

There is no human way out of this. It is literally too late. We are like a man clutching at air after falling off a cliff, occasionally grasping a clump of grass in the cliff face on his way down. There will be no recovery until we hit bottom.

And what we will be recovering from will be WWIII.


8 posted on 04/26/2012 8:32:56 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: no dems

California will go for “The Divine One.” We are totally under the control of the left.


9 posted on 04/26/2012 8:43:15 AM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: Hojczyk

working link:

http://finance.yahoo.com/blogs/daily-ticker/meredith-whitney-state-finances-still-doomed-three-states-121635982.html

California, Illinois and New Jersey


10 posted on 04/26/2012 8:55:33 AM PDT by thouworm (.)
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To: Jack Hydrazine
"Let them destroy themselves and then we can turn them into poster chi’ren for getting rid of collectivism."

I like your thinking...only trouble is that the lefties immediately blame captialism for their failed policies, and the uneducated Obamabot voting bloc (idiots like my mom, brother) fall for it every time.

11 posted on 04/26/2012 9:04:18 AM PDT by Mich Patriot (We can't have economic progress...there is a slug somewhere that needs to be saved. MP)
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To: jayrunner

Beg your pardon.

New Jersey is now under the control of a new, Republican Governor, Chris Christie, who has taken the WEIGHT off tax payers by PONDERING state fiscal issues and making the state a lot more fiscally responsible - sort of.

But then he is a RINO and a Rino - and as a pro-Muslim Rino, he’s probably the best we can hope for in New Joisey.


12 posted on 04/26/2012 9:14:06 AM PDT by ZULU (Non Nobis Domine Non Nobis Sed Nomini Tuo Da Gloriam.)
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To: jayrunner

Beg your pardon.

New Jersey is now under the control of a new, Republican Governor, Chris Christie, who has taken the WEIGHT off tax payers by PONDERING state fiscal issues and making the state a lot more fiscally responsible - sort of.

But then he is a RINO and a Rino - and as a pro-Muslim Rino, he’s probably the best we can hope for in New Joisey.


13 posted on 04/26/2012 9:14:28 AM PDT by ZULU (Non Nobis Domine Non Nobis Sed Nomini Tuo Da Gloriam.)
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To: no dems
My wife teaches across the river in Illinois. We pay $2,000 to $3,000 for HER supplies.

The administrators drive BMW's and Porche’s.

14 posted on 04/26/2012 9:19:55 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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15 posted on 04/26/2012 9:51:27 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: cuban leaf

If we fall off a cliff, my family has discussed this...I live about 100 miles from my kids who live in the big city.... my place, environment, etc., fits grandpappy’s criteria to a T. I have a small lake full of fish, a natural well with good water (I use city water now), horses and chickens.

We have talked about this possible scenario, and should it reach such a situation (the melt down as grandpappy describes), my kids would all make their way out here. We could probably survive fairly well.


16 posted on 04/26/2012 9:56:56 AM PDT by Dudoight
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To: Keith in Iowa

She didn’t mention that China is preparing to purchase oil with Gold, not dollars. No matter I guess.


17 posted on 04/26/2012 12:12:58 PM PDT by itsahoot (I will not vote for Romney period, and by election day you won't like him either.)
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To: Dudoight

I mean no offense.

But isn’t it likely that the scum from “the big city” will cover 100 miles by noon of the first day?


18 posted on 04/26/2012 12:23:53 PM PDT by Fightin Whitey
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To: Fightin Whitey

They have to loot the city first....that should take a while. And once my kids are out here at my place....we have a number of hunting rifles.


19 posted on 04/26/2012 9:02:52 PM PDT by Dudoight
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