Meredith Whitney: Bailout Won't Do Jack, Cutting Estimates

Meredith Whitney weighs in on the bailout plan, saying it won’t help bank fundamentals in the foreseeable future. She also whacks her estimates on Bank of America (BAC), Wachovia (WB), et al.

We’re with you, Meredith. Helping the banks clean up their balance sheets so they won’t go bankrupt is one thing. Getting them to lend money to people who can’t afford to pay back the loans is another.

Would you lend money to America’s consumers right now? Businesses? 20 minutes after making so many horrible loans that, if not for massive government intervention, would have smashed your bank into an iceberg? Neither would we.

See Also:
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