Meredith Whitney, looking glamorous, was attempting to incite fear, saying at 6:40 into this video that "40% of Wachovia's deposit base is uninsured" and then at 7:50 into the video she estimated that of the $4.7 trillion of credit lines available, that it will be cut back by $2 trillion, "so everybody at this table gets a paycut." So credit lines are a paycheck?
At 10:30 Monday, the "superbear intellectual" Nouriel Roubini warned of us of $2 trillion in credit losses in housing.
So today, we rally over 300 points! And Wachovia adds two points! Looks like the tag team of "glamorous and intellectual" cost you money.
Those that listened should re-read the last sentence of this post written Saturday regarding Mr. Roubini!