Don't freak out though, it's not a big deal. Uncle D says this is nothing to worry about.
Jamie Dimon said some municipalities will need to renegotiate their debt and a hundred may not “make it.” “I wouldn’t panic about what I’m about to say,” Dimon, 55, said today at a U.S. Chamber of Commerce event in Washington. “You’re going to see some municipalities not make it. I don’t think it’s going to shatter America, I just think it’s a part of the credit cycle.”
Meredith Whitney's prediction was around 50 to a 100 defaults, though she seemed to be of the mind it was more of a MAYDAY! situation.