Regular readers know that I have been pointing out that the next shoe to drop will be a wave of bankruptcies that erupt because consumers have no more money to spend. Well, here we go:

First came the mortgage crisis. Now comes the credit card crisis.

After years of flooding Americans with credit card offers and sky-high credit lines, lenders are sharply curtailing both, just as an eroding economy squeezes consumers.

The pullback is affecting even creditworthy consumers and threatens an already beleaguered banking industry with another wave of heavy losses after an era in which it reaped near record gains from the business of easy credit that it helped create.

   The first sentence of that article should really read: "First came the decline of unions in America. Then came the wage depression. Then came the mortgage crisis. Now comes the credit card crisis"

   It still amazes me how much ideology trumps logic, no matter what happens in the real world. We have 48 million people without health care and, yet, ideology freezes people in place so they can’t say "single payer", which is the only economically sound solution for national, universal health care.

   Same thing with wage. Every study shows union workers have better paychecks. You want people to spend? Give them unions so they will have money. The people who run this economy are just dopes.