She's quite right, of course

Meredith Whitney, the analyst who has no "buy" recommendations on U.S. banks, said valuations on lender stocks are too high and what "scares" her most is the government stepping away from buying mortgage-backed securities.

"The banks are still grossly overvalued," Whitney said today in an interview on Bloomberg Radio. "People are expecting something great to happen in 2010 and I think they are going to be severely disappointed."

Whitney said she doesn't expect consumer and small business spending to rebound and she forecast $2.7 trillion in credit lines being cut. She said she expects this year's holiday season to be at best "flat" versus last year.

– Bloomberg





Is "it" starting to hit the fan? Scenes like this, and worse, may become common.








But as long as sheeple can be bought off with their own money by government, things should be fine.

A unique video view of the shame and sham that was "Cash for Clunkers" :







"The Ticker Guy" wrote well about it :

What A Waste (Cash For Clunkers)

"A good idea? Well, I suppose if the intent is to try to get Americans to be more of a debt slave when they're already choking on too much debt......."


Government (And Car Dealers) Hose You Again

"But many of those cashing in on the clunkers program are surprised when they get to the treasurer's office windows. That's because the government's rebate of up to $4500 dollars for every clunker is taxable."










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