Vegasjoe

Credit Cards Are Feeling the Crunch

I am on the Seabourn Legend in Monaco; today in Cannes. There is no shortage of spending going on, on ship and off. Media whiners want to depress us all. Our boat is almost all US citizens and although our dollar is weak, many still spend Euro 250 for lunch or dinner in port. Monte Carlo casino was a snobbish joke of a spectacle: 10 Euro to get it, 16 Euro for a glass of champagne, etc...no shortage of Russian mob and their high priced hookers.

Credit Cards: The Next Subprime?

V and MA do not take credit risk; they simply process transactions. They collect toll charges. Most banks have cut back their teaser transfer competition. Most banks now financially underwrite loans for everything. Imagine that. AXP is a buy at these levels. Maybe MBIA and AMBAC will insure credit card defaults since they got into every other dumb business other than muni bonds.

Doug Kass's Killer Shorts - Barron's

Why is Kass not shorting WM, WB, and MBIA? He picked the wrong financials in going after AMEX and WFC.