Why Do They Keep Putting Meredith Whitney On TV?

Meredith Whitney's an embarrassment. She comes on TV with no new information, with nothing other than some valuation calls, some "double-dip" rhetoric and a poorly reasoned rap on weak retail sales, and we listen. I am sure if you are a client of Whitney's you knew you had this one in the bag and the usual suspects -- GS, JPM and BAC -- got hammered. If I were a hedge-fund manager, I would have loved to have been "in shape" ahead of that interview.

I no longer think that Whitney does credible work. She has ignored anything that's happened, anything that's gotten better. She thinks the capital raises basically meant nothing. She talks about how Bank of America was cheap at $3, but not anymore. Was it expensive at $4, Ms. Whitney?

Is there any evidence WHATSOEVER that JP Morgan is weaker than at any time since the crisis began? Does anyone think that about Goldman Sachs? Does she not acknowledge that there is not only a normalized earnings model for so many banks out there, given the big fee increases, but that the notion of staying as negative as this seems almost foolish? No, make that foolish.

I think that you need to buy JP Morgan off this and I think you just got another chance to buy Goldman Sachs.

I think this is insane!