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Meredith Whitney Called To Testify Before House On Her Muni Call
According to Charlie Gasparino, the intifada between Meredith Whitney and the rest of the world just got uglier. According to the former CNBCer, the one-time Citi scourge has been called in to testify before the House TARP committee and explain her less than favorable position on munis.
From Dow Jones:
Meredith Whitney has been called to appear as a witness at an upcoming hearing by the U.S. House TARP oversight subcommittee, Fox Business Network's Charles Gasparino reported Thursday.
Gasparino cited sources as saying the financial analyst, whose prediction of potential defaults totaling "hundreds of billions of dollars" is widely blamed for the recent selloff in municipal bonds, has declined the offer to appear at the Feb. 9 hearing.
The Financial Services and Bailouts of Public and Private Programs subcommittee, chaired by Rep. Patrick McHenry, might subpoena Whitney and the report in which she apparently made the prediction, Gasparino said.
Attendees at the hearing will include "experts who disagree with" Whitney's call, according to Gasparino.
We are not sure how this will change the fact that most municipalities are, in a word, insolvent.
Those who are curious to read an abbreviated version of M-Dub's report, can do so here - link.
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As I see it she will eat this Congress for lunch. Their is no match when speaking about facts. She also might want to chide these idiots on the possibility of this happening to the Federal Reserve and US government. It is time these morons own up to the problem they themselves created. Every day we go deeper in debt and on top of all this they let Bernanke run wild in his dollar destruction plan. Quite frankly she is saying what most same financial individuals already know.
Maybe Merideth can borrow Janet Tavakoli's power point on the way.
I hope she stomps the rat bastards. They are so ignorant and think they are just protecting their foolish brethren who helped loot the nation.
I figured it out, Tyler Durden = Merideth Whitney.
Skin 'em alive Tyler, er Merideth.
The truth will set you free. Wait...hold on...reverse that.
The free will set you truth.
I don't get it. Perhaps you can explain.
how 'bout "the truth will set you UN-free" as in jail or such
The truth will get you jailed.
IF I had any Muni's to begin with, I'd hit the bid right now. F'em.
Meredith is smart and courageous. But sometimes she presents her arguments in a confusing and unappealing fashion.
I don't know though. How do you present something like Can't you get it into your thick spam-filled skulls that it's the end of the mother-fucking world you stupid fucks?!? in a way that isn't off-putting. Because I'm really trying here, I am.
To which the Bernank would respond with solemn assurances to Congress, that the Fed will not monetize munis.
Uh.....when is that pre-QE3 dollar rally coming....I love the smell of dry powder.
Like the way she's playing it. Decline
so let the jerks subpoena her. If they
do, instead of getting into the details
of the state and municipal insolvencies,
do a Clarence Thomas: "Are all you
gentlemen interested in hanging an analyst
with a bearish outlook?"
When did zh jump the shark? You guys are as bad as cnbs. Anything bullish there is trumpeted and supported regardless of the source or the rationale! Here, anything negativ that gets a headline is worshipped. I thought this was a good site. Smart and intelligent and questioning the herd. Not just an anti herd! Btw am I the only one to notice that Kramer must be one of the biggest advertiser's on the site? Harry Wagner is not always wrong. You are losing your questioning knowledgeable contrarian image and just becoming anti everything. I bow to your knowledge of commodities, fx, stocks, but your collective iq on bonds and credit is marginal at best! Sorry if harsh but trying to make a point. I come to zh to learn. To be exposed to deeper insight. To people who dig for the truth. If I just wanted anti cnbs I would print out they transcripts and add Not to the start of each sentence. So if everyone jus wants to mindlessly rant, please get hot avatars! Cnbs figured that out years ago :). And yeah all towns are fucked and in denial coz they spent too much in good times and promised too much and have no way to pay for it!
on Thu, 02/03/2011 - 19:47
#933176
"She is on the right track. Might even be right. Hell I hope she is. But she is superficial! She latched onto this to create noise. She is not an expert - hell, until this report she couldn't spell municipal. There are many more credible people. I've had dinners with her. I'd say, empty suit, but the bra is nice"
How about backing this one up first, asshole. Good first step.
HarryWanger isn't always wrong!!!!! Wow, what planet are you from? And you claim to be the superior intellect?
Yes ZH is a doomish crowd, and I certainly don't always buy everything, but HarryWanger isn't always wrong--I'm speechless.
TAKE THE FIFTH MEREDITH!!
Will they let you drink a whole fifth of single-malt during hearings? Because if that's really true then it would really help take the edge off.
It looks like she picked the wrong week to stop drinking.
Truth is Treason in the Empire of Lies!
http://www.youtube.com/watch?v=CBtL3NIcAvU
If Meridith, a great mind in most contexts, used that to buy ghost cities in China? We have our secret weapon! Ladies and Gents.
Sorry for the I instead of E. And I before E, almost always equals C. Capital appreciation.
Respect to Charlie but I will believe it when I see it.
A free market, and free speech, indeed. How did Congress decide it had the power to subpoena private citizens to sit in front of them and be harangued for the camera?
What a crowd. I think while the comments are entertaining enough, they have missed the mark completely. There is a move afoot to add some financial engineering to the states toolkit (e.g. bankruptcy). MWtestimony will give some additional fuel to that effort. I did not vote (ZH pole) for the fed buying munis next. I think the line will be drawn there and there is plenty enough to do (real estate and derivatives) before getting to the "puny" $3T muni market. The muni melt down will not hurt the banks that much so the central bank won't be that interested.
TREASON IS A CRIME PUNISHABLE BY DEATH... IN AMERICA! ON THE BOOKS!
Yes, the Bernank is evil! Yes, Obama is the devil. Yes, Bush lied about WMDs. I promise Tim Geither is head of the treasury.
Hank Paulson owns a bazooka!
CONGRESS IS TO BLAME!
America already COLLAPSED (Past tense)... we are just in the looting phase usually preceeded by WAR and followed by War!
You had your chance in 2008, you blew it! Too bad, I used to love this country : (
I will never leave! WE NEED TO MAKE OUR FOUNDERS PROUD! This is our moment for a real peaceful revolution...
...Even Michael Savage admitted on the radio the otherday ("WE live in a nation ruled by foreign conquest... America is now occupied territory!) Where is Glenn Beck on this? Hannity? Billy Boy? Rush?
Neo-Cons= Complicant!
WAKE UP! We once told the British to F*** off!
---
America will self-destruct! (It is certain death, folks...).
WAKE UP, would you!?!?!?!?!?!?!!!!!!!!!!
http://www.youtube.com/watch?v=cZhAXpGOOks
Very similiar to when companies accrued liabilities for the health care bill.
Congress: Why did you accrue these liabilities.
CEO: Because you told us we had to.
-------------
Several stories have documented states/cities debt, so why target MW?
WITCH HUNT!
The truth will set you free.
Maybe she is working with Julian Assange :>)
In regard to the question of ZeroHedge being congressionally subpoenaed, technically ZeroHedge is a person... in the eyes of the law (see Citizens United v. Federal Elections Commission). It seems to me that it's "personhood" is part and parcel with it's commentators as much as its authors since the site's essential function is financial commentary. ZH's sui juris status is just like a Monsanto genetically modified Roundup Ready corn seed that blows into my organic corn field but is still protected intellectual property with full access to the Bill of Rights even as it contaminates my field. It goes both ways.
Does all this sound crazy? I was there when the first-ever activist message board got the attention of the SEC. We organized online against a pre-packaged hijacking of United Companies Financial. I'll never forget the phone call from Bear Stearns attorney Weil Gotshal & Manges when we got recognized as an ad hoc creditor's committee. Don't think for a minute that any of this is a game, no matter how entertaining it may appear. Here's the ancient history from 2000. http://raptor2.marketwatch.com/news/story/story.aspx?guid=%7B04367491-f42f-4f39-a23b-e1dfafc12416%7D
These fucking nazi pigs had better be subpoenaing Ms Meredith in order to praise her insight, intellectual honesty and to denigrate her shilling detractors....
Tahrir Square bitchez.
Hey,
Guess what I did today?
Lunch with Faber?
Shovled 22 Inches of snow so i could drive to Chase and withdraw my daily $500 from the ATM!.
Laughed like a Hyena as I punched my pin #, swiftly removed my worthless FRNs and drove to the Mom and Pop liquor store to buy a handle of Gentleman Jack (Up like crazy!)
Jamie Diamond is a real prick (How do you like that Apmex delivery, Blythe!)
I hope you all did your part to bring down TBTFs! I bought physical silver for myself and family for Christmas. It is down 2 dollars since I bought in December.
AT LEAST I DID MY FUCKING PART FIGHTING GLOBAL TERRORISM! (Hey AP, Fuck you!)
LOL
I also shoveled 22 inches of snow so that I could drive to the Mom & Pop and buy a six pack with ten CDOs backed by my scumbag statist neighbor's underwater mortgage and my wife's FICA.
Who fucked whom Bernank, I bought 6 beers with your worthless paper.
Viva la plata bitches.
Is that you that junked me Bill?
Astonishing. Congress is eager to rake Whitney over the coals but has no guts to do the same to bankster thugs like Dimon, Mack, Blankfein, etc. I hope Whitney goes into the testimony room with intellectual guns a-blazing and tells the White House and Congress to go to hell!
How do you go long credit default swaps on munis? Maybe congress wants to know if she got long the swaps prior to the report?
I heard Rickards tweeted today that the inflation we are now seeing is only the result of QE1 , and not QE2 as many are suggesting. Hang on to your hats folks. BB wants to turn the world into Somalia. I am planting a garden this spring.
Always liked Whitney, she should go in and just start dropping names. That'll shut 'em up.
First they ignore you, Then they laugh at you, then they subpoena you, then when you slay them with the facts, they refuse to report what actually happened, then they sweep the whole thing under the rug, then Paris Hilton gets arrested, case closed, moving on...
WOW !
This is unbelievable. Just goes to show how our country has degenerated. There is no room for
the truth. Tow the party line or you will be harassed. Feels like the old days in Poland or Russia.
Could it be that if she is convincing, she will also be the reason to unleash QE3? I can see this as a no loose situation if "her" crash brings the need for saving the States. Thoughts on this angle?
Just another dog and pony show!
If congress is worried it makes me worry. Ignoring her would have been a better strategy. Never believe rumor and idle speculation unless it is officially denied.
Tis is flat out iron fisted tyranny.
That's it ... I'm taking out a life insurance policy on Meredith Whitney. Seems a "sure thing" at this point.
Wasn't Gingrich floating a bill to allow for some sort of state bankruptcy? Maybe they will use her testimony to further justify the need for such a bill.
10 To 1 the IRS thugs have a team doing a "fraud audit" on her too! I've been there for speaking out about retro-active laws being unconstitutional. The head IRS dog doing the audit flat said, "they were trying to put me in prision!" True story!!! I know who they are and how they work. Reminds me of the Mafia, only I have more respect for the mob!
Meredith doesn't do horizontal jaunts with Kristin Davis' employees and keeps her income tax filings accurate so all they can do is hall her before a kangaroo court and accuse of being unamerican.
I would recommend that Meredith stay out of the hot tub.
MW will take care of the sock puppets- these guys cant even understand while pissing into the wind why the front of their pants are wet .
This is very interesting. She says something they don't like and get called to congress to explain why she's causing such a fuss.
Next on the list is Zero Hedge. And when Tyler goes down they might even ask me to explain a thing or two that I've said they might not have liked.
I say let em come. They will just look stupid in the end. Having said that, this is a bit weird.
I think they should go after Alex Jones first.
Even in the depths of my FAZ induced despair the thought of a hoarde of nutters charging the castle with a K-Bar in their teeth makes me smile.
A thread without humerous. If ya want to beat up on the idea you need to be stuck in a daily trade. As I currently am. Ok no bounce on eur/jpy747 man. Usd/jpy looks like it want's to take out the high 78 range. Eur/jpy is just the wana be trade for a wana be corrupt ECB and a scumbag porno ridden bunch of Northern and southern PIIg,S Notice the lower paren. Jobs coming up.
not wierd..not unexpected. Whitney is a woman not playing along with the crooks and liars. she is being blamed for the drop outs of the munis..funny and scary. 'Uncle Bens' Converted Rice and every other now luxury commodity called Essential Edibles are now part of the new Yogi Berra Economy where theres no inflation but everything just costs more.
BTW Ben is denying his policies (mandate) are the cause of the Egyptian and other riots...
which is a riot in itself.
Fed chief Ben Bernanke denies US policy behind record global food prices Ben Bernanke, the chairman of the US Federal Reserve, has dismissed the idea that the central bank’s policies are to blame for the rise in global food prices to a record high that helped trigger political unrest in Egypt.http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/830211...
they want to drag a truth sayer into a joke of a committee to testify? i havent heard of many bangsters, banksters being called to testify on why they caused adn continue to bank rob the public.
Got Wood, Rope and Surgical Steel?
If cities, states, and other entities default on their debt, then wouldn't that take a lot of dollars out of circulation, and wouldn't that reduce the price of gold?
What other effects might there be?
Bruce you folks will have nothing to worry about at all-truthout- personaly I would not want to be the one to test your metal. Expect a full contingency of ZHr's at that hearing.
in repsonse to some of the crap being spewed here on ZH (just look at some comments on this or many other ZH threads)
in this instance I reference #932869 as an example
with any luck such posts and similar will do one or both of two things:
1. Attract the attention of the judicial system looking for a person who fits the profile consistent with a blog commenter who makes misogynistic or racist comments.
2. Wake ZH up to the fact that his blog has, for a few months now become a venue for racist, sexist or supremacist comments.
I would be interested in knowing how a stand up guy like Krasting or a decent and smart guy like Leo reconcile posting on a blog that has a significant amount of what some would consider hate speech. I recall when Leo left Naked Capitalism he did so for reasons of the integrity (or lack thereof) of Yves Smith)
My guess is Tyler doesn't have the stones to respond to why he allows just about every epithet known to be freely expressed on his blog.
Don't believe me - site search zerohedge on google with any epithet you choose and see what comes up.
http://www.google.sh/search?q=%22INSERT+EPITHET%22+site%3Azerohedge.com&...
and before you hit the junk button why not wait to see how TD addresses this comment or if Leo / Krasting dare to respond (my guess is not a chance)
That whole marketplace of ideas thing just doesn't register does it?
Wake ZH up to the fact that his blog has, for a few months now become a venue for racist, sexist or supremacist comments
This sight has deteriorated most progressively, especially true as many wanta be comedians just post crap--if they want to vent then use the forum tab and spew away. Thanks for bringing this to light. I would imagine most of the newer folks have not even donated to keep the lights running. As for TD not having stones-Im not going to touch that one.
Actually.....point well taken on the forum bit as on outlet for spewing bile, which I fully support BTW.
It really would be a shame if crap comments were used by the thought police to undermine the stellar content herein.
A conundrum indeed.
Some people don't like the right to free speech because some people will abuse it. However, what happens most of the time on this site is that people who spew mindless hate speech (whom are likely psyops or teenage blowhards) is that they get called out for their BS and/or get ignored.
This site practices what it preaches... that of pure individualism where you can say and think anything you want here. This is a public forum that allows for true freedom of speech. You wish to censor that which you find offensive. Censorship is not the answer here, it is that which Tyler is fighting against. You would impose your morality on others by force of violence (silencing them through force) rather than debate and discredit their belief system through reason and logic.
Those who are free, critical and logical thinkers abhor mindless jingoism, but they abhore it less than mindful censorship. If you wish to censor this board then you sir are the enemy of this board. You are the enemy of free speech and you are trying to enslave us to your will without reason... but with force.
Though I do not support those who are mindlessly racist and bigoted, whose primary argument is ad hominem attacks; I do support their right to post their thoughts on this board as I do support the right of those more reasonable to crush said petty arguments and put them in their place. Those who persist are quickly ignored and lose any credibility. They lose their power when we know they have no logical ideas to add to the discussion.
Fear not public freedom of expression, fear those who would take it away from you. If violence is required to protect the right of the racist to spew his garbage, then violence must be done. Once that violence is done to protect the right of free speech, reason is used to defeat ignorance and hate.
Terminus, I hear what you are saying, but just look at the quality of comments from a couple of years ago and you will see why people are getting pissed about the degradation of quality going on.
I believe Meredith to be a true heroine, which I know most others commenting here do also. We are desperately in need of heroes/heroines, at this time, to enlist and lead US against an entrenched plutocracy [elite bankster regime with multiple levels, our .gov being a lower one]. It's either now with Meredith, or centuries of serfdom later. The cuckolding .gov of America must be turned 180 degrees or done away with now. Perhaps Meredith may be our Joan of Arc. If so, hopefully she will experience a much more pleasant outcome, and also US. One can dream. I see no other heroes or heroines at present and time would seem to be a scarcity.
BS. The facts are public info. The majority of issuers' liabilities exceed their assets and their expenses exceed their income. True enough, many can raise taxes and fees to cover nominal interest expenses but that will be uphill battle against the strengthening headwinds of rising interest rates and public outcry.
For example, the Peeps Republik of Kalifornia cannot solve its budget crisis without a new constitution. Good luck with that. Many, many cities and counties all over the country are struggling or are insolvent.
My solution? I moved to the Philippines. Let God sort out the mess the idiots created.
"You are responsible for corrupting and destroying the accounting system in this country Representative"
"You are responsible for the corrupting and destroying of the property tax base in this country Representative"
"You are responsible for the corrupting and destruction of the financial regulation bodies in this country Representative"
"You should ask the men who bought and paid for your votes to explain to you the real effects of the bills you voted to pass in the last three decades Representative"
"The men who bought and paid for your votes destroyed Jefferson county Alabama, and that bond offering is a criminal conspiracy including sitting county, state and Federal Legislators, including men and women in our company today in this chamber, and the JeffCo bond crime is just the tip of the iceberg Representative"
"Acts of high treason. high crimes and misdemeanors are being whitewashed in this chamber today Representative"
As long as she doesn't elaborate on any of the answers, she can sit there and throw verbal bombs non stop until they cut off her mic or her head in the chamber.
The states have to use the bond market. Without the exponential math wizards can't control the linear math idiots in state government. This whole crazy idea of taxing getting permission through voting on what to spend the taxes on etc has to stop.
It's bond em to death till their tax base can't pay the interest any more then cut services but keep them paying and paying.
This is total tyranny, its insane. Something straight out of Stalins Russia.
I hope she tears them all a new asshole and properly labels them all fraud concealing criminals!
The thought that MW does not have the info of the facts is like sweeping the elephant under the rug. Local debt nationwide is currently 1.75 trillion, revenues are 1.1 trillion= 600 billion short-state debt is 1.60 trillion revenues are 1.75 trillion- we still have a 1/2 trillion shortfall-local debt is muni. It seems that she will probably clean house .
I'm guessing this is going to be a closed door, not live no media allowed "hearing".
Just for kicks should should bring in all the City of Bell CA debts and stats as Exhibit A:.
Any questions?
She's a Scorpio. Very deadly. I would not mess with her.
Viva la Meredith!!!
In a way, it resembles exactly where I work, a company that has had ongoing problems for several years that have been roundly ignored by the Sr. Management because it interferes with their ability to tell themselves how good they are at what they do. Institutional rot.
Ehh, the Republicans run this committee now, so it would seem that she will be a witness for the prosecution, no?
i think she should walk in and rail against the idiot pols howard hughes style.
I'l get right on top of that nutty idea, Ya know CBOE. After I hit my Options on the yen trade vs Farm Payrolls manana. No offense Junior.
how about http://en.wikipedia.org/wiki/First_Amendment_to_the_United_States_Consti...
doesnt matter anymore...
alx
the truth
is a bytch..
this time named
Meredith.....
Land of the free, home of the brave. Oh really?
Burn her at the stake or hang her? Our overlords have to make a lot of tough decisions. We are so fortunate they are willing to sacrifice for us. Hail Lord Obama, protector of the faith.
How dare this broad come out and question another ponzi scheme? Her and her f'g research. It's like she's not listening to what we been frigging telling her to listen to on CNBC. Does she have a hot tub in her house?
BTW, what's Charlie Gasbags hard on over Whitney? Granted she has a real job and actually does real work.
"I don't believe in -isms. I just believe in me."
John Lennon
Go get em Meredith...you can eat em all for breakfast...with syrup...flat pancakes...made in a congressional oven full of wind, piss and collective guilt...they're covering ass as part of the whole system..."We need an enquiry to ascertain why this woman maligns state due diligence. She's started a tsunami!"...You bet your sweet...well the rest is best left unsaid.
...
In the governments eyes, you are not allowed to tell the truth. So that is why we get one lie after another from the media and heads of Wall Street firms. Always rosy and always the truth is hidden away.
She speaks the obvious but Big Ben hates to hear anything resembling the truth.
June 2nd, 2010-
"Warren Buffett, whose Berkshire Hathaway Inc. has been trimming its investment in municipal debt, predicted a “terrible problem” for the bonds in coming years.
“There will be a terrible problem and then the question becomes will the federal government help,” Buffett, 79, said today at a hearing of the U.S. Financial Crisis Inquiry Commission in New York. “I don’t know how I would rate them myself. It’s a bet on how the federal government will act over time.”
http://www.bloomberg.com/news/2010-06-02/buffett-anticipates-terrible-pr...
January 12th, 2011-
As cities across the nation face increasing budget strains, the vocal group of experts warning about municipal defaults has gained a powerful member: Jamie Dimon.
The JPMorgan CEO said he expects to see more U.S. municipalities declare bankruptcy, Bloomberg News reports.
_____
Better late than never, Jamie, you $%&*ing demon spawn.
Get 'em Meredith, we got your back.