Meredith Whitney: A double dip in housing is a certainty

State economies are plunging, and are $200 billion underwater, will lead to 2 million in state-level layoffs leading to a low-end impact; raising taxes at state level will impact the top-end

Retail sales have been stronger only due to consumers not paying mortgages, retail sales have already topped as is

Q2 bank results will finally catch up with accelerated mortgage foreclosures; charge-offs and delinquencies in credit cards are better due to mortgage non-payment cash flow going to other obligations, and this will soon top as well

Structural employment issues in the US won't get better any time soon