It's illegal to be bearish

Meredith Whitney made a famously bearish call on the municipal bond market. Now our Congresscritters really really want her to testify before them.

Apparently the controversial analyst has so far "rebuffed the committee's attempts" to have her testify on February 9 at a hearing, and they might resort to subpoenaing her and her controversial report if she continues to refuse.

When Whitney said on national television that between 50 and 100 major muni bond defaults will probably happen over the next year, investors panicked and withdrew billions of dollars from muni bond funds.

As usual, short sellers and "speculators" get blamed for providing information to the market. This doesn't, of course, change the fact that most major cities are bankrupt.

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Going to church and playing

Going to church and playing golf is still legal, tovarisch.