The threat posed by states' reckless spending and balance-sheet shenanigans, "is vastly...

|By:, SA News Editor

The threat posed by states' reckless spending and balance-sheet shenanigans, "is vastly underestimated and under-appreciated," Meredith Whitney writes in an op-ed for tomorrow's WSJ. Scoffing at those who warn about imminent state bailouts, Whitney - pointing to the now 30% subsidy some states enjoy from Build America Bonds - says the bailouts have already begun.