There’s a new consumer credit bubble taking place. Some of it is obvious and some it is not so obvious. But it’s happening nonetheless. But get ready because lessening FICO standards is only the beginning. You’re going to see it with mortgages and credit cards and some many other types of credit. In a world where the banks are mere appendages of the government, when Uncle Sam wants credit expansion, he just has to say the word and it gets done, no matter how uncredit worthy the borrowers maybe. And who could be less creditworthy than Uncle Sam himself? He’s hundreds of trillions in hoc and taking on more every second.
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