The banks are a wreck and now the pieces are beginning to fly apart, with Citigroup (NYSE: C) struggling the most and beginning to dismember itself.
Meredith Whitney, the uber-analyst who has been right about everything in banking for more than two years, said there were $2.4 trillion in asset downgrades at the end of last year by the credit agencies. This will really whack the banks' critical Tier 1 capital.
And even if you forget earnings problems, the banks will continue to have no money to lend, which will strangle businesses and the economy.
Be sure to read all 7 reasons the stock market isn't going up any time soon.
Michael Shulman is a contributor to OptionsZone.com.
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