Stock Trader Larry

Meredith Whitney on CNBC: She's still more bearish than she's been over the last 18 months. Consumer hasn't factored in until now: banks are pulling consumer lines of credit and Americans are at risks to lose their jobs, which will pressure spending.

It's hard not to agree with Meredith Whitney, but I really do. With unemployment still rising, that means continuing job losses; higher credit card and mortgage default rates; cutbacks in consumer spending. Add to that the fact that banks will have no choice but to pull credit lines as Banks evaluate risk in their accounts.