????“美國(guó)各州都定期發(fā)行債券,，因此他們非常在意自身的債券評(píng)級(jí)，會(huì)盡可能地阻止公眾關(guān)注他們的危機(jī)，”惠特尼稱,?！八麄兩踔烈呀?jīng)讓一些城市進(jìn)入破產(chǎn)管理，以免自身破產(chǎn),。但市政機(jī)構(gòu)只是偶爾發(fā)行債券,。相比債券市場(chǎng)的評(píng)級(jí)，他們更關(guān)注自身真切的痛苦,?！?/p>

????阿拉巴馬州的杰斐遜縣事實(shí)上已破產(chǎn)。加利福尼亞州的斯托克頓很快也要走上同樣的道路,。如今,，只要看看底特律——或者附近任何以某款別克（Buick）車型命名的汽車市鎮(zhèn)——就可以看到正在上演的財(cái)政危機(jī)?？纯茨阕约业暮笤?，或者社區(qū)周邊道路上的坑凹，可能也會(huì)產(chǎn)生同樣的感覺(jué),。

????我們來(lái)看看3月7日我收到的前紐約州議員理查德?布勞德斯基發(fā)來(lái)的電子郵件吧,，內(nèi)容是關(guān)于揚(yáng)克斯市長(zhǎng)邁克?斯班諾最近組建了一個(gè)調(diào)查委員會(huì)，負(fù)責(zé)調(diào)查布勞德斯基所述的該市正在“分崩離析”,。（布勞德斯基在該委員會(huì)就職,。）

????“（揚(yáng)克斯）預(yù)算約10億美元，未來(lái)一年的預(yù)算缺口看來(lái)很難填上,。原因很多,。和很多城鎮(zhèn)中心一樣，揚(yáng)克斯的制造基地已經(jīng)衰落,，很多中產(chǎn)階級(jí)已經(jīng)搬離,，人們根本不能負(fù)擔(dān)房地產(chǎn)和銷售稅負(fù)擔(dān)。抵觸稅收的情緒上升,，當(dāng)選官員拒絕上調(diào)經(jīng)常性稅收,。幾年來(lái)，通過(guò)一些手法,、一次性做法,、借錢周轉(zhuǎn)、出售資產(chǎn)以及各種各樣的變通之道‘暫時(shí)延緩了問(wèn)題的出現(xiàn)’……但如今這個(gè)城市已無(wú)計(jì)可施了,?！?/p>

????他接下來(lái)說(shuō)的話聽起來(lái)很像惠特尼：“這就好像我們站在岸邊，目睹一場(chǎng)海嘯正在形成,，但我們只是聳聳肩,，希望能夠安然過(guò)關(guān)……我們必須改變這種心態(tài),，如果高危城市的名單越來(lái)越長(zhǎng)，將演變成為一個(gè)全國(guó)性的問(wèn)題,。（目前） 關(guān)于聯(lián)邦政府規(guī)模和稅賦高低的爭(zhēng)議還只是局限于全美中小城鎮(zhèn)的街道,，學(xué)生、拾荒者,、消防和治安之間將互相爭(zhēng)奪匱乏的資源,。用這種方式來(lái)解決問(wèn)題太難看了?！?/p>

????2月底,，惠特尼簽署了一項(xiàng)協(xié)議，打算就這一問(wèn)題寫一本書,，盡管她的債市預(yù)測(cè)確實(shí)失敗了,。書名《下調(diào)評(píng)級(jí)：下一場(chǎng)經(jīng)濟(jì)危機(jī)將是地方危機(jī)》（Downgraded: Why the Next Economic Crisis Will Be Local），計(jì)劃11月份出版,。

????如今的惠特尼已經(jīng)沒(méi)有興趣再討論她在《60分鐘》中的預(yù)言,，她要有興趣才怪。但有一點(diǎn)不容辯駁,，一個(gè)著名的聲音成功地喚起了人們的注意,，讓人們更多地關(guān)注到了一個(gè)真實(shí)而緊迫的問(wèn)題，同時(shí)改變了人們關(guān)注的話題,。2010年新當(dāng)選的36位州長(zhǎng)聽到了這一聲音,，或者說(shuō)，至少有幾位聽到了——比如新澤西州的克里斯?克里斯蒂,、佛羅里達(dá)州的瑞克?斯考特和印第安納州的米切?丹尼爾斯——但他們和他們的繼任者在接下來(lái)很多年里都必須奉行審慎的財(cái)政政策。

????我曾和惠特尼詳細(xì)討論,，并不止一次地指出,，她在電視節(jié)目上說(shuō)的太細(xì)了，這是一項(xiàng)失誤,。她不同意,。但在一件事情上我們的看法是一致的，即繼續(xù)對(duì)這段二十多個(gè)字的預(yù)測(cè)“吹毛求疵”無(wú)異于只見樹木不見森林,?！翱纯聪ＥD，”她說(shuō),?！八麄儧](méi)有出現(xiàn)技術(shù)意義上的違約。但它出現(xiàn)了歷史上最大規(guī)模的主權(quán)債務(wù)減記行為,，這個(gè)事實(shí)無(wú)法改變,。兩者的實(shí)質(zhì)是一樣的,。”

????譯者：早稻米

????"States are regular bond market issuers, so they do care about their debt ratings, and have done everything they can to prevent public attention focusing on their crises," Whitney says. "They've even taken cities into receivership to prevent them from going bankrupt. But municipalities are only occasional issuers. They're much less concerned with bond market ratings than with the real pain they're already suffering."

????Alabama's Jefferson County has actually gone bankrupt. Stockton, California is all but ready to do the same. And all you have to do is look to Detroit—or any of the nearby auto towns named after a Buick model of one sort or another—and you see fiscal crisis playing out right now. Look in your own backyard—or at the potholes on your neighborhood roads—and you will likely find the same.

????Consider the email I received on March 7 from former New York State Assemblyman Richard Brodsky about Yonkers Mayor Mike Spano's recently formed Commission of Inquiry into what he refers to as that city's "Great Unraveling." (Brodksy is serving on the commission.)

????"[Yonkers has] a budget of about $1 billion and a budget gap in the upcoming year that looks like it can't be bridged. There are reasons aplenty. Like may urban centers the Yonkers manufacturing base disappeared, the middle-class moved out and the people simply can't afford the property and sales tax burden that ensured. Anti-tax fervor hit and elected officials refused to raise recurring revenues. Gimmicks, one-shots, borrowing for operating expenses, assets sales, and assorted maneuvers 'kicked the can down the road' for a couple of years…The city has now run out of gimmicks."

????And then he sounds very Whitney-like: "It's as though we stand on the shore and watch a tsunami gather and shrug and hope we'll get through it…That needs to change, and if the list of endangered cities gets larger this will force itself onto the national stage. [For now] the great national battle about the size of government and the level of taxation will be played out in the streets of small cities across America, with school kids, garbage pick-up, fire-protection, and safe streets competing with each other for inadequate resources. It's an ugly way to solve a problem."

????In late February, Whitney signed a deal to write a book about the trouble that isn't going anywhere, even if her bond-market prediction was a misfire. Titled Downgraded: Why the Next Economic Crisis Will Be Local, it's on a fast turnaround for November publication.

????Whitney isn't that interested in talking about her words on 60 Minutes anymore—why would she be?—but it's hard to argue with the fact that a prominent voice succeeded in bringing more focus to a real and pressing issue and helped change the conversation. Thirty-six freshly elected governors were listening in 2010. Or at least a few were—the likes of New Jersey's Chris Christie, Florida's Rick Scott, and Indiana's Mitch Daniels—but they and their successors are going to be playing the fiscal prudence game for years to come.

????I have argued at length and one more than one occasion with Whitney that she made a mistake when she got too precise on TV. She doesn't agree. But we do find common ground about the fact that continuing to play "Gotcha!" over those 20 or so words is missing the forest for the trees. "Look at Greece," she says. "They're not in technical default. That doesn't change the fact that it's the biggest sovereign debt writedown in history. It's all the same in the end."