Let’s make a dope deal

Run up those credit charges boys and girls NOW, and pay it back in just pennies on the dollar…

Just say CHARGE IT!

Credit Bailout: Issuers Slashing Card Balances
Mr. McClelland’s credit card company was calling yet again, wondering when it could expect the next installment on his delinquent account. He proposed paying half of his $5,486 balance and calling the matter even.

It’s a deal, the account representative immediately said, not even bothering to check with a supervisor.
[NYT]

Ever have that “Oh Shit” feeling…

Calif. Aid Request Spurned By U.S., Officials Push State To Repair Budget
The Obama administration has turned back pleas for emergency aid from one of the biggest remaining threats to the economy — the state of California.

[WaPo]

I wonder if the state will take a cut on my taxes?


Bailouts are moral hazard.

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