Via mefi, a post on how credit card issuers are the next banks that might (should) collapse and the taxpayer-funded bailout they’ll be getting.
It’s insane. For years these companies offered lines of credit to people who they knew couldn’t afford to pay up (just ask any current or former college student). These are the last institutions that deserve a bailout.
At some point the Fed simply has to let some of these banks fail. Rapacious credit card issuers would be a good start.
