Meredith is too bullish on the economy, in my opinion, but correctly identifies the consumer who does not have access to the credit that they did.
There were four bank failures yesterday.
Also, the large institutions ARE INSOLVENT, even with all the bailout money. Like nuclear weapons, they still possess enough toxic waste debt derivatives to kill themselves many times over. Do not be fooled.
Meredith Whitney (5:50):
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