You thought the housing crisis was bad?
You ain’t seen nothing yet.
The New York Times recently reported on page one that credit cards may be the next to go in the financial crisis. Danny Schechter published this similar warning last June in City Beat, a weekly newspaper in Los Angeles.
While many eyes are focusing on the housing meltdown and its hugely negative effect on an economy clearly moving into recession, few are paying attention to the next bubble expected to burst: credit cards. Combined with the subprime losses, such a credit card nightmare has the potential, experts say, of bringing down the entire financial system and global economy.
Posted: 10:13:32 AM
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