Meredith Whitney Said Core Earnings Power for Banks is Negligible; Would Short Retail and Con Discretionary

On CNBC, bearish banking analyst Meredith Whitney said core earnings power for the banks (NYSE: XLF) is negligible. Meredith said 2010-2011 earnings for the banks will be below consensus.

Meredith also said consumer liquidity will undergo a massive contraction. Meredith would recommend shorting retail (NYSE: RTH) and consumer discretionary (NYSE: XLY).

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