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Meredith Whitney Says Credit Cards Are the Next Credit Crunch

naked capitalism found this 3/10/2009 on online.wsj.com

MEREDITH WHITNEY Few doubt the importance of consumer spending to the U.S. economy and its multiplier effect on the global economy, but what is underappreciated is the role of credit-card availability in that spending. Currently, there is roughly $5 trillion in credit-card lines outstanding in ...