Meredith Whitney's recent investment advice to her clients was a 600-page report that has been a long time in the making, titled "Tragedy of the Commons."
The title, "The Tragedy of the Commons," comes from a parable about greedy farmers who let their sheep gobble up all the grass in a pasture, leaving the land barren and unfarmable––reflecting the spending frenzy that promises to decimate the prospects for many of America's largest, and formerly most prosperous, states.
To learn more, go to this Fortune Magazine article: Meredith Whitney's New Target: The States.
What does Felix Salmon have to say about it? He agrees. Beware municipal bonds.
And Edward Harrison wrote about it here on Seeking Alpha issuing further warnings.