History of credit cards, and the housing market bubble

History of credit cards: "The first credit card was issued in 1951"

Fifty Four years. That's all it took. 54 years of people playing around with this ridiculous concept that we can all have things today that we can't really afford. A very dangerous little concept that my ultimately lead to the undoing of the world's greatest superpower. If you don't see how, you are not paying attention to how far in debt we each are as Americans and collectively as a nation and in particular, the state I live in, California.

I found this little tidbit quite interesting, but even more interesting is the recent history of credit cards. I went to Catherine Austin Fitt's teleseminar last week and she gave a little inside info on the latest scandal in the credit card game. She spoke of the fact that many of the credit card lenders made loans that are essentially illegal under common law beacause they knew at the time they were making the loans that we could never repay them. They knew this because they were involved with exporting jobs from America to other countries, and could see the impending falling dollar. They knew we wouldn't be able to repay the loans, and that is illegal under common law going way back. And, have you noticed your interest rates climbing? Some of mine are now at 33%, and if that isn't usurious what is?

Well if this has peaked your interest, I highly recommend you check out her website and teleseminar series. Tomorrow's is on the "housing market bubble" so it should be interesting. Especially in light of the fact that investing in housing and land is thought to be a safe alternative to the volitile stock market.