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Cascade Failure

Cascade Failure

     We should have expected credit card interest rates to start on a trajectory for the ceiling. I certainly wrote enough over the last 20 months about the pitfalls of transacting with the loan sharks in the Federal Reserve system. We’ve been around this block, before.

Does anyone remember the fiasco of the late ’70s and early ’80s? Let’s refresh our memories. Crushing unemployment aggravated by inflation killed consumer confidence. The Prime Rate for short term loans to banks climbed to 23%. The debt load crushed the economy. The Savings and Loan institutional failures bled wealth out of the real estate market. Still, the bloodsuckers at the credit card issuers pillaged, without mercy.

For those who have short or fuzzy memories, you’re about to get an instant replay. Take notes, this time. At least you’ll remember that I told you so, again.


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