About a year ago, analyst Meredith Whitney made her doomsday call about the municipal bond market, predicting mass defaults. But a year later, it's clear that Whitney was way off. According to Standard & Poor's data, municipal defaults in 2011 were down 69 percent from 2010. In 2011, monetary defaults in the S&P Municipal Index totaled about $750 million, compared to defaults of $2.4 billion in 2010. Oops.