Bernanke vs. Meredith Whitney

" She is right on several things: The US consumer was going through the biggest credit contraction ever—even bigger than that during the Great Depression. "That credit contraction is accelerating," she said. "There's nowhere to hide at this point." The banking sector is not adequately capitalized and will need to raise more capital in the coming year. The residential real estate market is likely to worsen and remains a much bigger threat than the commercial property market. The government's mortgage modification program won't result in any major improvement in homeowners' ability to stay above water, she added."