Consumer...Prepare to DIE!!!!!
(Reuters) - The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.
The credit card is the second key source of consumer liquidity, the first being jobs, the Oppenheimer & Co analyst noted.
"In other words, we expect available consumer liquidity in the form of credit-card lines to decline by 45 percent."
No more Home Equity Loans.....and now credit card availability will be cut in almost half?
Money is evaporating at a rate we have never seen before.....unless of course you are a bank. I am not sure where you Fools think this is going...but if you need money to live, or buy things, or stay in business.....it is going to get a lot harder to obtain if we continue down this path.
The solution: Prepare and Party. You can change the order if you wish. I will be brewing my own beer tomorrow......let's hope it tastes good after it ferments in a few weeks.