Tuesday
Jul142009
Meredith Whitney Says Unemployment Will Reach 13% (CNBC Clip)
Whitney was a guest on Squawk Box Monday morning. She issued the highest forecast for unemployment I've seen anywhere--boldly predicitng at least 13% before the cycle turns. She also raised her short-term outlook on Goldman Sachs and select other banks as a trading call on this Q's numbers.
Whitney:
- "Unemployment is likely to rise to 13 percent or higher and will weigh on the economy for several years, countering government efforts to stabilize the banking industry," said Whitney.
- "We underestimate how much the whole economy is dependent on the mortgage industry, and that has to change," Whitney said. "This is what happens when you delay the inevitable. We're buying time here, but we're not restructuring the economy."
Jul 14, 2009 at 5:17 AM
Reader Comments (6)
We cover all stories related to the institutionally dysfunctional, painfully inept and completely counter-productive taxpayer bailout of failed people, ideas, businesses, pensions, municipalities, states and ultimately, we fear, of our federal government.
Tell your friends about our site and what's going on in Washington. Help us spread the word about the immoral transfer of debt from failed, private banks directly onto the backs of your chldren. And to young people directly, seriously wake the f up, and realize that it's mostly your cash that's headed out the door.
Also, is she preggo?
Good point.
Banks will NEVER what? Guess she called it. Never say never when everything is about to come crashing down.