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The Next Shoe Credit Cards

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by Matt Cooper
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Jan 15 2008 12:00am EDT

The Next Shoe: Credit Cards

The bad credit card numbers that Citigroup put out today are in keeping with what Austan Goolsbee, Barack Obama's top economic adviser, fears is the next shoe to drop. What would widespread credit card defaults mean for the financial sector, the economy, the election?

Henry Ford famously said that he did better when people could afford his cars. We're seeing what happens how the woes on Main Street can pummel Wall Street. No kidding.

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