Some statements are really worth quoting. Take this one from the Pragmatic Captialist:
It is not the banks that I am so concerned about, but the consumer. As much as the bankers want you to believe this is a crisis about them - it’s not. It’s a crisis about you - the consumer. The banks simply exacerbated the problems. The credit card issue gets to the real heart of the issue and the troubles that the U.S. consumer is likely to face for years to come.
To illustrate this, we found a chart in The Economist about the credit card return on assets (in %). It is not getting any better.
It is not the banks that I am so concerned about, but the consumer. As much as the bankers want you to believe this is a crisis about them - it’s not. It’s a crisis about you - the consumer. The banks simply exacerbated the problems. The credit card issue gets to the real heart of the issue and the troubles that the U.S. consumer is likely to face for years to come.
To illustrate this, we found a chart in The Economist about the credit card return on assets (in %). It is not getting any better.
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