The $915 credit-card bomb in consumers’ wallets

The $915 credit-card bomb in consumers’ wallets - Oct. 30, 2007: “(Fortune Magazine) — This past summer’s subprime meltdown involved about $900 billion in now-suspect securitized debt, reckless lending, and consumers who buckled under the weight of loans they couldn’t afford. Now another link in the consumer debt chain - credit cards - is starting to show signs of strain. And the fear that the $915 billion in U.S. credit card debt (an uncannily similar figure) may blow up has major financial institutions like Citigroup, American Express, and Bank of America strapping on their Kevlar vests. “

How do they think that many that have resetting mortgages will pay their Bills? They will pay with their credit cards. Many people are just moving their debt around like a game of musical chairs. When a recession hits or inflation takes off these lenders will all be looking for a bailout from the Government. Only thing, the government is broke and most taxpayers can’t afford to pay more tax . Want to see a real collapse of the dollar? Start printing money to bail all the greedy speculators that made all this insanity possible.