Hands down the scariest analyst interview of the year, and it’s from Meredith Whitney, who is not exactly known for crazy thoughts. She’s saying the budget crisis within states will cause “systemic risk” to the economy.

Her company looked into state budgets and found:  “off balance sheet” accounting methods, highly leveraged borrowing, and ratings agency shenanigans. “The similarities with the states and banks” is astounding.

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