Meridith Whitney, another of the top ranked bank analysts, and one that has been dead right on the insolvency issues surrounding the industry over the last couple of years, came on CNBC to say that the first quarter earnings results should not be as bad as some have feared.

She went on to say that there was not a single stock in the bunch that she would own, and that the consumer debt problems (credit cards, mortgages, cars) would only get worse from here. In other words, while the bank stocks could rally a bit further from here throughe arnings reporting season, this will likely be the end of the bear market rally as it pertains to bank stocks. This makes the top 3 bank analysts very negative on the industry in the intermediate and long term. All agree that Citi will wind up being nationalized at some point, something that I have been saying since late last year.

So, here's the report card on the health of MAJOR corporate America. Our largest bank (Citi),at least two of our top au...