G.E. said its finance arm overall should be able to earn $5 billion in 2009, despite assuming losses from bad loans totaling $10 billion mainly on credit cards in the United States, home mortgages in Britain and commercial lending to businesses.
Way back quote from Meredeth Whitney:
The U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.
They are just exposed from every possible direction.
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