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The Facts Don't Support Whitney's Claims

By Jim Cramer

 About this article:
 We were on the cusp of a 200-point day before Meredith Whitney started blabbing her darned fool head off about double-dips and retail sales and a lack of capital for an industry that she's very worried about. No sooner did I see her talk than I saw headlines all over the place about how she had "turned negative," and I had to laugh. Turned negative? She fought these moves tooth and nail and has never been positive except one moment when she said they could run without her. I find the lack of accountability here mind-boggling. For example she says that banks should trade at tangible book value. OK, let's take her at her word. We would be looking for about a 20% move up in Citigroup if that is the case. She says that housing is not improving. I don't know what to do with people...

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