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WRH GEAR
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Dead because of a lie. Dead because selfish people in government wanted a war and lied to get one. How can you not be angry?
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BoA to close credit cards for approximately 60% of customers?
Webmaster's Commentary:
"We'll MAKE them support the bailout, dammit!!!!!" :)
(ahem) This is an unconfirmed rumor, BTW!
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Comments
I wondered when they would enter the mix
dragline190dThis has more meaning than the statement says. With Wachovia tanking then this will put enormous pressure on the credit card market!
The roller coaster has not even left the launch and it looks like there will be massive casualties!
Many of the banks moved capital over months ago to cover these defaults but they did not anticipate it being Nuclear!
True damage won't show for a full year
chillyphantomThis is going to make the sub-prime mortgage issue and its spin-offs look like baby spuds folks. And the bottom of the ice berg isn't going to become visible until around about October of next year (Oct. 2009).
Currently, the total US debt load on credit cards alone is more than there is money available in the US to pay. Soooo, where is the money going to come from? Oh, I know. We'll just print some more. Well, guess what? That won't work any more. Nobody wants US dollars.
Notice that stores already have their Christmas stuff out early. They know people are maxed out. But they are hoping to push them into that one new credit card that can buy little Johnny the toy he never really needed.
Buy early. Buy often. Things are going to be real tight for the following Christmas season.
Sooo, let's just admit that it's over folks! Run the flag down the mast one more time for good ... next year - before the 2009 Christmas stuff comes out eh!