Meredith Whitney: Middle Class Squeezed Out of Banking

The high-end income consumer has dominated more of total spending, says Meredith Whitney. The middle class has been compromised because they have been "de-banked." "Where spending has been compromised are the areas that have fueled the economy for the last 15-20 years." Whitney also said municipal finances remain a major concern and are weighing on the minds of many consumers.“For the last three and a half years I’ve spent so much time focusing on this issue because I really think it shapes the future of the American economy,” Whitney said. “This issue is so much bigger than the municipal bond market.”