M. Whitney talks str8 - v. informative 10 min interview - must see

http://classic.cnbc.com/id/37821204/

pointers:

2 mio jobs to go at federal level
obama coming up w. 50 bln program - fed states are down 200 bln.

90% of all loans last year carried by fnm + frd
45% of those were credit discount supported

banks not lending  - 2 trl usd cut from credit lines alone
the states w. biggest growth have high correlation to big housing
market  Cali/ariz/neveda

us bnks w. europe operations earned ZERO income in may
q2 vs q2 2009 will be weak as last year q2 incorp. major bones from
government plus capital raising for themselves

credit card lines cut by 2 trillion usd alone.....
people not paying their mortgages as they think they get better "deal"
later - hence 50% increase in deliqu.

really really worth 10 min of your time..