A well-known analyst says fears of municipal bond defaults are way overblown

I've been posting stuff about the problem state and local municipalities are facing, with their fall-off in tax revenues, and future liabilities (like pensions). Like here - State and local municipal finances as next big disaster?

Here's a guy who disagrees (the truth may turn out to be somewhere in between).

OK. Here's a couple of counters to the video. State Taking Steps to Control Nassau’s Finances And this. Especially the last paragraph. Could Facebook Save California?