Credit-Cards are the New Mortgages

It seems that credit cards have been chopped up and securitized just like mortgages, and we're probably about to see a lot more defaults. The scariest part for me:

That's bad news for players like JPMorgan Chase and Bank of America that have largely sidestepped—and even benefited from—the mortgage mess but have major credit-card operations.

Bank of America was just profiled as one of the smart ones, and I said to myself "At least we have a few big banks that aren't on the verge of collapse." Sigh.

Via Matt Yglesias.