Meredith Whitney smacks down public pension liabilities

The Return of Wall Street’s Cassandra: In Armani and Pearls, Meredith Whitney Smacks Back | Observer: "Her main point is that the combination of debt service on state and municipal borrowing and ever- growing public sector pension and health care costs is crowding out everything else in government budgets—things like education, libraries, parks and trash collection, and public safety. John DeStefano Jr., the mayor of New Haven, put it best: “[Pension costs] are the Pac-Man of our city budget, consuming everything in sight.”"

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