Citigroup Claims Higher Unemployment Won't Lead To Big Credit Card Losses

Discussion in 'Wall St. News' started by Daal, May 1, 2009.

  1. Daal


  2. They're assuming that Fed Funds futures will trade at the "120" handle. In that case, they may be "right". :cool:
  3. Daal


    Bernanke won't even lift the rest of the 25bps interest on reserves to get the futures at 99.99, frigging inflation hawk
  4. the1


    You gotta wonder how the economy ever survived before credit cards. Oh yeah, people actually had to save money before they bought something. Go figure :confused:
  5. haha Sad bud true. There are now generations who don't even understand that concept, it has never been necessary. Credit card offers shoved down your throat...keeping up with the Joneses.
  6. dirkd


    and having sex with your sister is just a good ole time. hell buy her a drink and charge it on your citi credit card!
  7. I guess that means rising employment won't lead to big credit card profits either, lol.

    However, there is some common sense left on Wall Street:

    "CEO Jamie Dimon put it bluntly:

    'When unemployment goes up, so do chargeoffs for credit cards. When house prices decline, chargeoffs go up. When both happen, it gets even worse.'"