Meredith Whitney: Next Financial Crisis To Come From Local Government Defaults

Meredith Whitney: Next Financial Crisis To Come From Local Government Defaults: "States, most of which are constitutionally required to have balanced budgets, have paid for this spending by using money that would otherwise have gone to pension funds, Whitney, who is CEO of Meredith Whitney Advisory Group, said. 'You borrow from future dollars to benefit the present, basically generational robbery,' she told CNBC."