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To: MythMan who wrote (58524)	8/25/1999 8:45:00 AM
From: John Pitera	Read Replies (2) of 86076

Waiting for the Credit Card Meltdown By James J. Cramer 8/24/99 9:44 PM ET For the second time this year, Bank One (ONE:NYSE) blows it. And it could not happen at a worse time, right after a Fed rate hike. People are suspicious enough as it is about the banks with short rates going higher;the last thing the financials needed is some bad credit card news. For me, I am hoping that people sell down American Express (AXP:NYSE) off this news. Often the market can surprise you with its stupidity. It would be like this market to bang down AXP because of credit card problems at Bank One, even though AXP is a processor and does not make money on credit the way Bank One does. But the rest of the credit card companies, Capital One (COF:NYSE), Providian (PVN:NYSE), Household International (HI:NYSE) and MBNA (KRB:NYSE) will no doubt get creamed in the a.m. I will wait until they are totally smashed and then look for opportunity, because this is an industry that is loved by Wall Street analysts and you can bet they will reiterate their buy ratings with gusto on Thursday after the dust settles. As for the banks themselves, they continue to be a tough place to be. There are so many other better places to invest I doubt that I will be looking to pick up any bargains in the ONE-related selloff. Funny, on "TheStreet.com" TV show on Fox News Channel we had an analyst from Mutual Shares on who pushed this stock. I asked him whether the problems with the quarterly earnings were past after the disappointing first quarter. He thought they were. It worries me about this stock because the analyst is a total homework fanatic. Glad I passed on it. --------------------------------------------------------------------------------

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