Have you been taken over and rationalised yet?
Anyway, quoth you:
>"Money of the Mind", by Doug's politically suspect mate James Grant is
>quite a good general history, albeit that it's about the easing of credit
>in general and rather wider than consumer credit.
>
>The removal of the social bankruptcy stigma is beginning to make itself
>felt by the banks -- a couple of medium-sized US banks who were heavily
>into the "non-status" credit card market have screwed the pooch on their
>earnings estimates this year, and that's just the tip of the iceberg. And
>then there's all that credit-card securitised debt which is hanging around
>in the money market mutual funds, which are not insured by the FDIC ......
Doug sez somewhere that money of the mind gets to meet old fashioned matter head-on somewhere along the line, and comes out of it second best. He also sez thereabouts that debt doesn't start crises, but is the sort of thing likely to help said crisis develop into a doozy. Any nominations for the sort of 'external' kickstart that might bring about that showdown between Grant's money of the mind and the vengeance of the material?
If the fall be proportional to the pride preceding it, we should just about make terminal velocity on this one ...
Cheers, Rob.