Dismal and rainy today so far. But the temps are in the mid 50s and the weather reporter teased that we may get some sun later. The wind and humidity make if feel cooler but it was nice to leave the winter coat at home and wear my heavy sweater out shopping.

I find this fascinating. The "big 4" banks suffered a 20% increase in credit card losses last year compared to the year before. And now they are worried about the ability of the consumer to keep up with their debt burden. That is like noting that the patient has had a 105* temp for the last week and  suddenly being worried he might expire.

I agree with the sentiment that if this isn't illegal it should be. The last recession taught me a couple of things I didn't know. First, money you put in a bank is essentially a loan to the bank. They offer interest but no real collateral in exchange to secure that loan. (And nowadays that interest may be negative so you may actually pay the bank for the loan you are making to them.) If the bank goes under you are an unsecured creditor and are last in line for a payout of whatever assets the bank might still have. And if you trust FDIC check out how underfunded the fund is. Second. Workers are essentially in a similar boat. Theoretically, they exchange their labor for money but in effect they work first and then the money is handed over. That makes workers unsecured creditors until their paychecks arrive and, hopefully, don't bounce. If the company goes under they, like bank depositors, go to the end of the line. Third, pensions are a promise of future payments which is makes the pensioners unsecured creditors if whatever entity promised payment goes bust. Promises, as the old saying goes, are worth their in gold.