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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Elroy Jetson who wrote (24146)2/23/2005 2:59:35 AM
From: mishedlo  Read Replies (1) of 116555
 
It wasn't just one Visa Card company that lent the $300k. But still, even spread out over many firms, $300k is an unbelievable amount of Visa card debt.

I understand it was more than one card. Probably a dozen cards or even 20. But since each card knows when someone misses a payment and they all jack up their rates because of it, it should be impossible for the nth (last 200,000) of credit to be given when there is already 100K out there. At least the last x% of card granters had to be totally reckless.

Hell, I do not know how you get to 100K let alone 300K

Mish
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