Here’s our take after watching Meredith Whitney on CNBC’s Squawk Box this morning: She missed the bottom in the financials and now she’s all over the map.
After initially talking up the banks on CNBC, going as far as saying good things about Bank of America (BAC) and Citigroup (C), Meredith then reversed course and started sounding the alarm about economic trouble: more real estate crash, unemployment between 13%-15% (whoah!) and a failure to address what’s really wrong with the banking system.
If things get that bad, it’s hard to see how the bank stocks are still buys here, even Goldman. But consistency probably wasn’t her goal this morning.
Basically, no matter what happens down the road, you’ll be able to find something Meredith Whitney said that ended up being “right”. This double-speak, unfortunately, is a far cry from her early days of boldly sounding the alarm without apology on Citigroup (C).
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