Meredith Whitney: Regional Bank Stocks Overvalued, New Jersey Debt/GDP (CNBC Video 11/11/2010)

Meredith Whitney was on CNBC yesterday (11/11/2010). The video is after the jump but here is a summary of what she said:

*Regional bank stocks are overvalued
*Expects 5,000 branch cuts on profit squeeze from new banking regulations (Reg-E)
*Big banks aren't fabulously attractive buys here, people won't care about banks for a while
*Sees legal overhang from ongoing mortgage fraud / misrepresentation lawsuits (read Matt Taibbi, Washington's Blog)
*Expects another leg down in housing this year and continuing into next year 2011
*Higher unemployment could increase credit losses
*New Jersey has worst Debt/GDP and highest tax burden (California, Illinois have issues)
*Sees 2 million State and local Government job losses on Government program cuts