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The Fat Lady's Not Singing Yet for the Economy

After hours, old friend Capital One (COF) was knocked for a loop on the news as well. The credit card industry has proven itself to be no better that two-bit loan sharks. They rape customers with exorbitant fees, ruin your life if you cannot pay and now lie to protect themselves. For the longest time, I have wondered how stupid these companies think we are. Hiding bad debt in securitized and off-balance sheet positions and telling us that their charge-off rates were normal. They think we will buy anything… To be honest, I am totally bewildered as to how these companies keep on slinging the crap and getting away with it.

But not now. Maybe now the news is going to finally show all those perma-bull newspaper men (you know who you are) how wrong they have been and how they could have helped so many if they would have opened their eyes and stopped being so full of themselves.

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