Are you Too Big to Fail, or Too Small to Matter?

Hmmm, seems like some folk out there read our comments here at GLP. This article uses almost the same words as posted on these GLP threads:

Thread: quess what a derivate is floating now that ties your life to the bailout_Odds 1 trillion to one_LOL



Thread: *** FULL-SPECTRUM BREAKDOWN : Paulson Grasping at Straws


Maybe we aren’t just spitting into the wind…linguistically anyway.

Ya think Congress has any plan to bail out us John Q Public types when we can't make our Credit Card payments?



[link to www.marketwatch.com]

Another shoe to drop
Bad credit-card debt could be next shot to economy, researcher says

By Jennifer Waters, MarketWatch
Last update: 7:42 p.m. EDT Sept. 30, 2008

CHICAGO (MarketWatch) -- Credit-card debt is on the brink of imploding and will be the next storm to hit the fragile finance industry, an investment research firm predicted this week.

According to Innovest StrategicValue Advisors, banks will charge off $18.6 billion in delinquent credit-card accounts in the first quarter of 2009 and $96 billion in all of 2009, more than double the research firm's forecast for all of this year.

Innovest projects that amount would be high enough to damage some of the biggest card issuers.

Credit-card charge-offs are "defying gravity" when compared with the problems in the mortgage market, according to Gregory Larkin, senior banking analyst for Innovest. But that will change as they catch up with mortgage charge-offs, which have spiked eightfold since the third quarter of 2007.

"If history is any indicator, there should be an equivalent surge of credit-card charge-offs very soon," he said, though he concedes that an eightfold increase would be very aggressive.

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more at link
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