Meredith Whitney, who runs an eponymous new firm, has not given up her bearish bent. She's convinced that top banks have not yet adequately reserved against some big real estate-related losses, notes Forbes. That includes even the vaunted JPMorgan Chase. It's not that she thinks the top banks will necessarily lose lots of money, but her earnings forecast are significantly lower than her peers.

The constant need to up reserves will prove to be a "never-ending game of catch up," she says. Never may be a bit strong. The key to her analysis really is a half-empty view of the real estate market. She thinks prices have a lot of downside left, which may or may not be the case. She bullish on one bank: Goldman Sachs. Her earnings estimate for 2009 is well above the average of other analysts. 

For more:
- here's the Forbes article

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