HeraldTribune.com – Mitch McConnell as Meredith Whitney

Author: David R. Kotok, Post Date: April 27, 2020

The Sarasota Herald Tribune featured this commentary in their business section.

Market Commentary - Cumberland Advisors -McConnell as Meredith Whitney (Mousseau)

Mitch McConnell as Meredith Whitney

By John R. Mousseau, CFA
Posted Apr 27, 2020

Senate Majority Leader Mitch McConnell was reported last week by Bloomberg News saying that he “would certainly be in favor of allowing states to use the bankruptcy route” rather than giving them a Federal bailout. This reminded us of 2010 when Meredith Whitney, a noted bank analyst, predicted that there would be hundreds of billions of dollars of municipal defaults in 2011. She caused lots of market damage and outflows from municipal bond funds before sanity resumed.

Cumberland wonders what the majority leader had in mind, in that his statement is at best disingenuous and at worst inflammatory at a time when both houses of Congress, the administration, and the Federal Reserve are all engaged in the business of helping all parts of the economy get through the economic downturn caused by COVID-19.

There are also legal problems with McConnell’s position. <Continued at SHT website…Continued at SHT website…>

Continued at Sarasota Herald Tribune: https://www.heraldtribune.com/business/20200427/mitch-mcconnell-as-meredith-whitney

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