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