Meredith Whitney says the appalling fiscal condition of many states is a systemic risk to the country, with California being the worst. The similarity between the states and the banks is clear; off balance sheet coverage, over-leveraging, borrowing against future dollars to pay bills now, etc. Texas is by far the healthiest with low spending, solvent public pension funds, and more.
And virtually no politician at the national level is talking about this. Oh, they will squeal, just like they did with the banking meltdown, who could have seen it coming. Pathetic. Basically, we do not have leaders in this country. And we need some. Now.
Wikipedia. Valkyrie. “one of a host of female figures who decide who will die in battle.”