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Meredith Whitney Has A Soft Spot For Goldman
The dominatrix being cautiously pessimistic. Jim Rogers tells us how she really feels.
h/t Lizzie and Mike
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I'm surprised it took you so long to get this. She and Lloyd were seen at the Met while Muffy was out in the Hamptons. Seems he has found her G-spot.
Lloyd has finally met his match. He's done. Take a look:
http://img.thesun.co.uk/multimedia/archive/00098/F_200506_june07ed_im_98506a.jpg
Analyst Meredith Whitney Predicts 25% Plunge In Home Prices
By Dawn Wotapka
Of DOW JONES NEWSWIRES
NEW YORK -Dow Jones---U.S. home prices, which have already tumbled by nearly one-third from the 2006 peak, could plunge by another 25% as high unemployment levels continue, according to prominent banking analyst Meredith Whitney.
It's a gloomy prediction - and one met with skepticism - that comes as the housing market is showing some signs of stability. Further price erosion would mean that more homeowners could find themselves owing more on their mortgage than their house is worth, a particularly tough position if there's a job loss.
Unemployed and in debt, these homeowners are often unable to sell their homes and forced to walk away, adding more fuel to the foreclosure crisis. Still, it might be welcome news for potential buyers looking for a bargain.
"I think there is no doubt that home prices will go down dramatically from here- it's just a question of when," Whitney, of Meredith Whitney Advisory Group and known for accurately predicting troubles at Citigroup Inc. -C-, told CNBC Thursday. "If you look at the drivers for unemployment, I don't see that reversing very soon."
Home prices have taken a beating since housing went bust, particularly in the once-overheated bubble markets. Las Vegas, where rampant construction transformed large swaths of desert into neighborhoods, has plunged by more than half, according to the S&P/Case-Shiller index.
But the index's latest results also showed modest improvement. Prices fell 14.9% in the second quarter when compared to a year earlier - better than the first quarter's 19.1% fall. It was the first positive quarter-over-quarter comparison in three years. Denver and Dallas have even managed four consecutive months of positive returns.
While few think home values have reached a bottom, some consider the 25% figure a bit harsh.
Moody's Investors Service expects a drop of about 10% from current levels, and the declines will continue late into next year, according to analyst Joe Snider.
While S&P/Case-Shiller shies away from predictions, David Blitzer, chairman of the index committee, thinks Whitney's estimate is too negative.
While prices may fall further, "a 25% decline from here sounds very steep, he said. "To say that we're only half way through this sounds pessimistic."
-By Dawn Wotapka, Dow Jones Newswires- 212-416-2193- dawn.wotapka@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd-wK2TrXEN0thd2h2VFbAiQg%3D%3D. You can use this link on the day this article is published and the following day.
just another slut who wants to date the star QB and is way too good for everybody else
I watched this while getting ready for work this morning. The look on Joe, Becky and Carl as Meredith kept telling them what they did not want to hear was priceless.
The questions from the fearsome threesome at CNBC were almost pleading in nature to please stop with the second dip talk.
"Say it ain't so Meredith, say it ain't so" pleads Becky. All three were VERY happy to hear that GS was still the only Meredith buy. You could see the visible relief on their faces.
Clearly, RobotTrader MUST do something with this whole dominatrix theme. Perhaps whipping kenny boy with a 10 foot leather cat o nine tails..... robo, please feel free to throw maggie in there.
Do NOT give Robo or Andy any ideas... they have pushed it over the top as it is.
no more rump shaka'
i have to admit that the dance party one of andy's last nite was so bad it was funny!!!
Who is that stupid chick interviewing her? Whitney mentions Wells buying Ginnies, and that dummy thinks she is talking about distressed private label MBS.
That stupid chick is the great Becky Quick, who is always ready to bat an eyelash to distract you from her problem figuring out the fair market value each morning.
She has a tough time adding negative and positive numbers (or subtracting as the case may be) to arrive at the answer.
On the bright side, this means she will never be able to post on ZH because she wouldn't be able to pass the math test before posting.
i wish whitney would have addressed becky's "that could work in their favor since they've marked these MBS down, right?"
no, you moron, they never marked them down in the first place, and second, they're not going to recover in value1
Geez, Meredith the Finance Goddess always comprehends EVERYTHING, her brain is even sexier than the rest of her.
If Prof. Michael Hudson, the macroeconomist par excellence, formed a biz TV duo with Ms. Whitney, they would be the only show going, and we could forget those duds on CNN, CNBC, and whatever.
checkout 30-yr bond action. TLT has gone crazy in the past few minutes. Now up +/- 1.4% for the day. Precursor to equity action?
Off Topic but just as this amature scientist has predicted had to happen. Media forced to cover mounting evidence for global cooling…
Video: AccuWeather.com’s Joe Bastardi: “The globe is actually cooling”
http://www.mofopolitics.com/2009/09/09/video-accuweather-coms-joe-bastardi-the-globe-is-actually-cooling/
The weather is not your fault. You are not to blame for the climte. It never has been your fault and it never will be your fault. Don't tax me for the climate change bro.
It's the Sun's fault stupid.
Bastardi is the go to weather guy for energy traders -
there was a great bbc documentary a year or 2
ago saying exactly the same thing....
they ripped a complete new hole in gore's
backend and explained the solar influence on
weather and secular climate change and the
ocean's role is co2 emissions...very enlightening
and liberating...
When ths sun starts dancing again. There's going to be hell to pay.
indeed.
keep your eyes on the sky and the spots on the sun:
www.spaceweather.com
I agree... for the clowns at the IPCC perhaps and their $30 billion global warming research grant machine... contrarians need not apply BTW. Same deal as the Ph.D economists at the Fed. Makes it easier if everyone is singing from the same hymn book. (or her book)
http://www.scientificamerican.com/article.cfm?id=how-sunlight-can-control-climate
Everybody knows the best way to fight global warming is by setting up a 30 megawatt computer and creating it as you analyze it. Supercomputers. Turning regular tards into supertards since 1964.
Ha ha ha... love those Brits!
minute 3:35 "the government is got the bags basically on their lap and is coddling them"
minute 5:25 "think Goldman as a muni player, how unsexy"
something is going on with MW not the same - stammering, stuttering, haggard looking, fidgety
yeah...look when she starts messing with her ear piece...she is getting fed this stuff
Anyone else annoyed by news reporting on Bloomberg and elsewhere by squeaky voiced girls that sound like high school cheerleaders?
no
Agreed.
I prefer to get my cheerleading from hotties.
I'm surprised that ZH did not post this guy.
Maybe he is not well known in the US, but
I follow him for quite some time and his
market calls are excellent.
Unfortunately, he predicts a little more pain
for the bears....
http://charlesnenner.com/
Charles Nenner on CNBC
http://www.cnbc.com/id/15840232?video=1246933324&play=1
He called it a top in July and expected markets to fall then, which didn't happen. He also claims his cycles are never wrong. That itself should give you a clue that the guy is not any better than a coin flip.
He is one of those that is always makes a right call. He calls every top and every bottom both correctly and incorrectly.
What the hell is she talking about? That was the worst speech by an analyst ever. You can't separate GS from the rest. I think Llyod wrecked her.
referring to case-shiller: "fourth quarter you see another leg down, that's my strong opinion."
that's almost guaranteed.
She (MW) is amazingly tentative in this interview. Makes me think that she has some issue with what she is saying. I she worried because she is speaking the truth where she hadn't before?
She's NOT tentative; she's thoughtful and sounds like she's used her terrific brain well. She's never seemed to have compunctions about the truth, unlike the vast majority of analysts.
-AnonymousZero
I saw the interview too. She was uncomfortable or on drugs, or possibly both. But you would be too, if you had an iota of morality and were compelled to front for the world domination aspirations of GS. Dominatrix - accurate.
She wasn't her usual self, no doubt. But she did note that Goldman took over the muni business from Lehman. Some believe that was the primary reason Paulson & Co. let them go under.
Maybe she was on a long Labor Day Weekend Margarita bender.
I still got the shakes.
Hey there, she's not allowed to mention all that speculation going on with Goldman -- they have been suit-happy in their past, ya know.
Plus, she may be uncomfortable as she fully understands the enormity of what is transpiring -- that is certainly the way she came across to me. And that other chick is completely brain dead so Ms. Whitney is probably focusing on how to simplify everything for her twitness.
I'd let her dominate me anytime.
Nice call Lou...
Not that I wold do the same, mind you.
Anybody think she presented better than the Tax Revolt Visionary on YouTube yesterday, everything considered?
"Fundamentals haven't improved, the gov't has allowed the technicals to improve... The financials are on life support. GS benefitting from all aspects of the debt markets. "
To say "I don't think the guy on Main St is buying treasuries," misses the carry all the Banks are making with the increased savings rate. That's Joe sixpack's money, buying long treasuries.
She did mention the Japanese model, which seems to be playing out. See 30Y auction today.
"That's Joe sixpack's money, buying long treasuries."
Wrong, officially its that TARP money, which Joe 6Pack can't even touch anymore. Increased savings rate are fallback for covert exec bonuses.
Who's money do you think TARP money is?
I hope she maintains a healthy "distance" from Club FED. Her invite to their meeting is the first step in her intake. MW, maintain your objectivity & stay away from the club lest you be turned into a servant vs dominatrix.
she was stuttering a lot. Did she have a long night out with the "in goldman we trust" crowd ?
Whitney is just expressing the opinion that I think all Zero Hedge readers all believe; Goldman's forte is taking advantage of US citizens. She expects their stock to rise, because they are taking advantage of our generosity (not that we have a say in how generous we are). I certainly wouldn't say she has a soft spot for them.
Why is her one buy Goldman? If she's buying the way the government/Fed is going/being manipulated then why just them? I would have liked her take on the insider selling too. Curiouser and curiouser.
I like at the end where she said that cyclical 4th quarter pressures, along with the underlying fundamentals, would lead to the next leg down. Then she kind of goes, with her hands up, well maybe the fraud and lies will still work too? Who knows?
Hyperstagflation is what we're going to reap. What you have is worth way less, and what you need/want costs way more.
Can we just tear the bandaid off now, I'm sick of waiting for Armageddon. They're just delaying the inevitable. No I'm kidding everything is going to be fine, really...
First post WooHoo!
Is your avatar a snake eating its tail? If so that is great...
Yep. Ouroboros.
That's nothing... Johns got a vulture eating a bloated corpse...
I believe she has GS as her one and only buy because she understands that not only is GS the ultimate manipulator but is plugged into the Fed and Treasury.
GS is the ultimate insider, she recognizes this, and understands that GS can't loose under these conditions.
Right again! Plus, she'll never get invited back on unless she recommends at least one buy (although who would want to be invited back with those clowns?).
If Becky Quick were a horse, I'd have her put down. When Whitney tells them that the Banks aren't lending and they're taking that free Fed money and buying securities to clip a coupon, and Becky responds with, "That might turn out well." I thought Whitney was going to stand up and pee on her. Doesn't Becky realize that one outcome of Q.E. is to reduce this type of capital hoarding behavior, by making low interest yielding securities unpalatable to hold?
Becky, put something in your dumb mouth and sit in the corner with the other T-Baggers.
Becky did say they are just putting off the day of reckoning and MW agreed. MW Knows TSHTF at some point in time. I say TSHTF overnight very quickly after a Friday close within the next 6 months.
This guy on another blog pretty much called it like it was back when she jumped on the Goldman Sachs bandwaggon.
http://thefundamentalview.blogspot.com/2009/07/meredith-whitney-sells-he...
Horseshit. She doesn't care who she burns (as long as it doesn't ruin her business - but that's normal). Nor does she seem to care if some, like GS, may benefit from her analysis as long as she believes she's right. That's good, that shows real integrity.
-AnonymousZero
Jebus, I love Meredith. If only CNBC could find something that precious.
I don't care if GS gave her $200m to get her to flip she is still as dreamy as ever...
Love and Kisses MW
--OhMeOhMy
Someone has threatened her life or livelihood. This is not the Meredith that I know.
Boot licking at it's best.
btw this is really unimportant but I have to ask why why why do they all sit in their seats at desk level? It looks awful. It just gets on my nerves to no end.
Michael,
I believe you are correct. Hence, I have built a well diversified portfolio with non-correlated assets. Gold - Up, Stocks -UP, Oil - Up, Bonds - UP. What could go wrong with this type of behavior?
Don't forget the copper....
It's not surprising that as soon as Whitney opens her own shop, and has to grab the institutions as clients that she was savaging (rightly) in 2007-08, she suddenly speaks with a much more measured (forked?) tongue.
HTG: MW is grace under fire, telling as much of the truth as she can, while preserving the platform to be allowed to tell it. Go sister. And you jokers...cold shower.
PS. It is Steve Liesman who cannot calculate fair value. Always a good trait in an economist.
PSS. Do you know that the test for alzheimers includes counting down from 100 by 7's, without taking more than one second between integers. Try it.
Understood. I can only hope that at one of these social events I come in contact with this super-woman. If she is ovulating I will be responsible for the next generation of "Rothschilds" sans German Jewish origin....
--OhMeOhMy
Liesman isn't an economist. He is a former journalist, and now a mouthpiece for those in charge.
Classic, "I thought Whitney was going to stand up and pee on her", and, nice visual: MW administering a "Goldman shower" to one of the CNBS morons. What's the over-under on when the producers have the Domina back on again?
Depends if she's been brought in the fold yet. Honestly, it appears she has - and will be a frequent guest in the future.
she fiddled with an earpiece twice.
You could practically see blankenfiens fingers sticking out of her mouth.
Especially at 10:00 on the video. Looks like someone yelled in her earpiece "WHY'D YOU SAY THAT!!!!!!!"
F*ckingSkank, thanks for putting Jim Rogers up there, Enron books are Enron books wibley.
So I wasn't the only one who noticed how fidgety she was. Like a Soviet Union era manager being interviewed by Pravda. He says things,but since he doesn't know the reaction of the politburo,and whether he is going to be sent to Siberia,or promoted to the highest committee,he sounds lost and tense. I believe she was blackmailed to tune down her tone. May be she has a special camcorder recording that she has lot from the days of college???
Fidgety smidgety. If you listened to the 1000's of insightful things she said, you'd realize she's just about fearless.
-AnonymousZero
Her 1 Buy rating didn't actually do all that good anyway. GS up about 22% since July 13 while JPM up 33%.
She's on their payroll via consultancy
Naaah, she just wants to beat out Prez Obama for the next directorship opening at GS.
jim rogers is a hump
She's on their payroll via consultancy
Outside of self-promotion and making the most obvious calls on the planet, Whitney could be the most undistinguished analyst in Financials. She likes GS here? along with 15 others...The steep yield curve will help banks? Really? Banks had a big run that mightbe tough to duplicate from here? We might have enough room at the party for one more in that room.
Whitney's consistently the most brilliant, insightful analyst out there. And she's got the integrity and courage most others lack.
-AnonymousZero
If you look at this from the perspective of propaganda, what is she trying to accomplish? What is the behavior she is trying to illicit?
Low end houses are moving fairly well, but upper range housing sales are still stagnant. This looks like a play to shock the mid to upper range into unloading their houses. Unfortunately the O-team still doesn't have a clue. I believe the reason they don't lower their prices isn't that they are stubbornly holding to an unrealistic value, it's that they are close to being upside down and can't lower the price. The reaction they could wind up with is people who stop paying their mortgage.
What people who bought in the last 3 years should be doing is check out the possibility of mortgage rescission using TILA.
hi
http://bigcharts.marketwatch.com/charts/big.chart?symb=xlf&compidx=a...