Sunday, September 20, 2009

If True, I Would Not Be All That Surprised

Corruption: Banks Lending UNSECURED To Terrorists? - The Market Ticker: wherein we learn that one of the accused terrorists (the one from Denver) arrested this week had managed to run up over $50,000 in credit card bills, despite being a foreign national with no tangible assets. Even worse, some of those charges may have been terrorism-related. Even more worse, the entities that gave him the credit cards without a second thought got bailout money from our government!!!

Not confirmed fully, but I can't say I'm surprised. Credit card companies deserve NO bailout for engaging in stupid behavior. My Banker Buddy (who I've fished and hunted with for over twenty years) and I saw this coming years ago. You flood the market with free credit, you shouldn't be surprised when a lot of it comes up toxic. But to think that Persons Up To No Good could've gamed the system and that the stupid companies who enabled them are going to get rewarded! --that is just pathetic.

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