Meredith Whitney on US consumer loan losses

After ten years of relying heavily on data on consumer spending, I've basically thrown it aside in the trash if you will because it has been absolutely unreliable because things have changed so sharply, so suddenly. People are accusing the fed of being reactive and lagging to data it's because their data is stale and most data that's reported is stale 'cause it's reported on a quarterly basis often and the monthly data that comes out is related to credit card data. Well, people are still paying their credit cards. They're not paying their mortgage first this time. This has never happened.