Meredith Whitney lays down the law

HW readers, don’t miss this — perhaps the most insightful discussion of the state of the U.S. banking sector I’ve ever seen. Meredith Whitney, like me, sees most of the banking gains this quarter as being driven less by economic fundamentals and more by accounting artifacts. You’re welcome. (h/t to Credit Writedowns, who apparently found this gem and discussed it at length.)