Personally, I very much respect Mrs Meredith. She has studied the financial situation in the municipal world. She saw the problem with the retirement funds of their employees among many other problems . She predicted that there would be eventually a huge default in municipal bonds.
I do not think that one can predict really when the disaster will occur. If you look at Fairfax, for years they were aware of the possible disaster in the financial world. But for years nothing happened to the point that the even the most confident shareholders of Fairfax were in doubt as of their strategy (even within this board). But then, disaster came in 2008, and what a disaster it was!!!!
Many cities have already filed for bankruptcy in the states. Detroit is the latest and the most significant ones. More cities filing for bankruptcy in the near future would not surprised me at all!