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Stocks rose once again Tuesday as the Santa rally rolls on. Meredith Whitney was out with some more bear porn this afternoon on CNBC as she explained her "municipal default" thesis.

Please watch her interview below ESPECIALLY if you own a lot of munis in your portfolio.

My Take:

Meredith hits it out of the park once again. I gotta admit I think I am in love with this woman. She is sharp as a tack. IMO, her greatest asset is that she has the ability to see problems before her competitors do as a result of her tireless research.

Mosty analysts feel compelled to ignore the facts and say whatever they need to say in order to get you to buy stocks. This is why 98% of these blowhards on CNBC need to be ignored.

There are very few analysts that I pay attention to. However, I stop and listen when someone like a Jim Rogers gets on TV because they don't have an agenda. He already made his billions so he doesn't care what you do with your money.

I don't believe Meredith has one either because I see the research that she does. It would probably be much more profitable for Meredith to sellout and become a bulltarded shill. Obviously it's not in her blood to sell her soul to the devil for a few bucks.

She bravely continues to march on and preach the truth. All I can say is god bless her. It hasn't been easy: Meredith received death threats after telling the truth about Citigroup (NYSE:C) before it collapsed and had to be saved by the government. I am sure she didn't make any friends today either.

IMO, she continues to do some of the best work on Wall Street and she is 100% right on the muni crisis. I had no idea muni debt issuance doubled in the last 10 years. This tells me munis are just another Wall St Ponzi scheme that is not sustainable.

Hearing Mrs. Whitney discuss social unrest was also an eye opener. If she is right, you can expect to see massive union riots similar to what we have seen in Greece. The gangsters on Wall St must have been choking on their caviar once she got done with this interview.

Disclosure: None

Source: Why You Should Listen to Meredith Whitney's Municipal Bond / Default Thesis