normthefedup

Be Prepared for S&P to Hit 350 by June 2010

I have really mixed emotions over this one. Based strictly on the title, I was loaded up to blast the author but, while I don't necessarily agree with his doomsday scenario, this is a small indication of what's happening in the credit market. And while Advanta goes away, it doesn't necessarily portend the doom of the entire credit industry any more than WAMU or Countrywide going away stopped or killed every other mortgage provider in the country. You just need to go somewhere else to get your credit card, or mortgage, or car loan, or whatever. I have been in finance and credit for my entire 40 year career. I've never seen anything like this and except for really senior citizens who saw the depression, none of us have. It's bad but we're not dead. I'm going to save this article until your projected doomsday one year away and either going to shove it up your nose or cry at your side. Hope it's the former. Let's see what happens. Good luck to us all.