Meredith Whitney weighs in on the bailout plan, saying it won't help bank fundamentals in the foreseeable future. She also whacks her estimates on Bank of America (BAC), Wachovia (WB), et al.

"Since the onset of the credit crisis, over $2 trillion less liquidity has flown through the U.S. domestic capital markets than during...a year prior," Whitney said. "With that much less available capital, both consumers and corporations have and will spend less," she added.

Helping the banks clean up their balance sheets so they won't go bankrupt is one thing. Getting them to lend money to people who can't afford to pay back the loans is another. "Credit market disruption has had underappreciated consequences on the economy... what started last summer has accelerated and intensified so much so that we believe any government bailout plan has little hope of improving core fundamentals over the near and medium term," Whitney said.

Would you lend money to America's consumers right now? Businesses? Twenty minutes after making so many horrible loans that, if not for massive government intervention, would have smashed your bank into an iceberg?