Consumer Under Attack

Meredith Whitney, CEO of the Meredith Whitney Advisory Group, joined CNBC's Joe Kernen and the gang of Squawk Box for a frank discussion on the plight of the consumer. Listening to Obama, you may think things are getting better. Whitney, who accurately predicted the collapse, informs you otherwise, and why. Take a listen:



The current administration is doing everything wrong, most notably attacking small business and the attempted implementation of historically huge entitlement programs, and if the electorate does not stand up strong almost immediately, then in about 9 months it will be too late.

I quite agree with Whitney and am anticipating a high level of pressure on the S&P shortly after the new year. For evidence, review the action in the financials, and remember, as Whitney pointed out, banks can borrow at almost 0% and lend at approximately 5%, but are not lending. Do they know something you don't? Not anymore.