Sunday, November 2, 2008

Barack Obama – After the foreclosure crisis, he warned, “the credit cards are next in line.”

House of Cards -

While campaigning in Edinburg, Texas, in February, Barack Obama met with students at the University of Texas-Pan American. “Just be careful about those credit cards, all right? Don’t eat out as much,” he said. After the foreclosure crisis, he warned, “the credit cards are next in line.” While many eyes are focusing on the housing meltdown and its hugely negative effect on an economy clearly moving into recession, few are paying attention to the next bubble expected to burst: credit cards. Combined with the subprime losses, such a credit card nightmare has the potential, experts say, of bringing down the entire financial system and global economy.

Posted by malct @ 10:21 AM (568 views)
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One thought on “Barack Obama – After the foreclosure crisis, he warned, “the credit cards are next in line.”

  • dohousescrashinthewoods says:

    Is this someone in the public eye starting to admit that this is a general crisis in credit and debt as a whole and fundamentally not about “American subprime mortgages” as sheeple broadcasters are fond of saying.

    I’m all for “not confusing the audience” but this persistence in attaching the crisis to subprime is confusing the audience.

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