I've posted about Meredith Whitney a number of times. She's been out in front of the problems facing the major banks for more than a year now. She talks commmon sense backed up by facts and as the finaical crisis has played out she has been vindicated in her views and I implore readers to listen to what she has to say in the interview below.
Future of Financials
Amongst other things she says:
Securitization market is not coming back. Pullback in credit extension to consumers like we've never seen before. Unemployment could approach double digit levels. Wall Street analysts are anywhere from 30% - 70% higher than her forecasts for the banks and she thinks she is on the high side. Banks will come back to the market for more capital. More dividend cuts. Citibank will go to single digits.
Well worth a watch.