Meredith Whitney is bearish (video)

Financials are taking a hit after Meredith Whitney told CNBC that she "hasn't been this bearish in a year."

She's also calling for a "double dip" recession.

StreetInsider bullet-points her comments:

• the banking sector is "not adequately capitalized today"
• sees another leg down in the residential real estate market when mortgage rates/prices begin moving lower. To this point, Meredith said she feels that there is still a much bigger risk related to residential mortgage exposure, rather than commercial.
• says that this market makes "no sense" to her and that there is no fundamentals behind the recent rally in stocks
• within the banking sector the major difference between the market today and last year is that there is no mark-to-market now.
• "banks will go back to tangible book value"
• sell the banks
• would sit on cash until another leg down in valuation, estimates
• "everything's expensive right now"
• expecting a double dip recession, although the second part of "W" will not be as severe