Meredith Whitney Interview on CNBC.
Her comments attempted to cause the market to sell off but to no avail. The market skyrocketed on her comments in July. Basically ignored them this time around. No surprise. The market has ignored the bad at all costs for months building up the pressure.
Funny to watch Maria Bartiomo when Meredith starts talking about price and value. You see this glazed look of I don't understand.
Meredith says she doesn't know what is going on in the market right now because it makes no sense. She hasn't come to the realization that it is entirely a ponzi scheme. Hence it also probably makes her to bullish in regards to price.
From a CNBC article about the interview:
The US consumer was going through the biggest credit contraction ever—even bigger than that during the Great Depression. "That credit contraction is accelerating," she said. "There's nowhere to hide at this point."
The banking sector is not adequately capitalized and will need to raise more capital in the coming year.
The residential real estate market is likely to worsen and remains a much bigger threat than the commercial property market. The government's mortgage modification program won't result in any major improvement in homeowners' ability to stay above water, she added.