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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Perspective who wrote (180541)1/29/2009 3:21:50 PM
From: MulhollandDriveRead Replies (1) of 306849
 
no kidding...meredith would have been a superb sec/treas, not sure she would take it though....this bears repeating:

Capital contraction is accelerating throughout the U.S., and the economy is clearly showing the results of such. The economy will recover when the capital base or "denominator" reverses course. We do not believe a "bad bank" structure addresses the root problem of contracting system capital.... A challenge of equal importance is rising defaults from on balance sheet loans...If a bank were to sell its "bad" assets into a "bad bank," it would still be left with lower earnings power from higher losses on "good loans" and the requirement to build reserves, lower earnings power from lower assets and a higher legacy expense structure, or both.... We believe private capital will readily invest in businesses that make money and grow. However, the banks do not fit this description. We remain cautious on the group.

Meredith Whitney
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