Famed banking analyst Meredith Whitney was on CNBC today talking about the new banking regulation. Some very interesting thoughts.
She would not invest in European banks in a million years. She said the marks were worse than U.S. banks.
When referring to the new banking regulation she actually quantifies some of the impact. She thinks that $1.3 trillion of credit will be siphoned out of the system. In her mind "politicians have proven far worse than our worst expectations."
Regarding the drop in credit card deliquesces this month, well in her mind it was just a change in banking rules where poor credit has been "jammed out of the market."
Many more thoughts. Very good interview.