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To: shades who wrote (24364)	2/25/2005 10:13:12 AM
From: Earlie	Respond to of 116555

Shades: Over the past decade, I have completed a fair amount of research with respect to the credit card industry and the knowledge gained has done little to assuage my worries about the whole nutty game. Security? Ha! A few years ago, the Eastern European software boys made fortunes for themselves and they did it without ever setting foot in N. America. Credit card default rates are much higher than is publicly admitted. The whole Ponzi scheme is going to take it in the gut when the recession hits, which is why I cart decent short positions on some of the more arcane credit card issuers. Best, Earlie