Meredith Whitney, bank analyst extraordinaire, reiterated what she's been saying from long before the financial crisis propelled us into the worst recession in most people's memories. Banks are overvalued, she said, and the government enabled them to have better first quarter earnings than they should.Whitney said that "the underlying core, earnings power of these banks is negligible," and added that as consumer liquidity retracts and consumer credit contracts, "consumer spending is going to be less than people expect going forward."
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