[April Lexington]

Americans, who like to complain about rascally credit card companies, nevertheless revel in their availability. More than 80 percent of all American households have a credit card, and the average credit card debt per household was $10,769.00 at the end of 2008.

Card companies are scared to death right now of massive defaults from the unemployed and the cash strapped. If they cut back on available credit again, GDP will go down the tubes. Recession extended (hopefully until 2012 so we can throw his sorry butt out of the White House).

[Windcatcher]

It’s inevitable, especially if large numbers of angry Americans “go Galt”. The unemployed will remain unemployed, and when they reach their credit limits, guess what will happen...

I would argue that massive defaults are as certain as the next sunrise.