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Nov 10: Meredith Whitney sees credit cards as the next shoe to drop
Meredith Whitney, managing director at Oppenheimer and one of the first analysts to predict in 2007 that banks would face enormous write-downs and balance sheet problems as a result of the housing downturn, expects the credit card industry to be the next shoe to drop. Aversion to risk will choke off $2trillion of money available to consumers who need it the most, increasing their probability of default. Unemployment will add further pressure on the credit card sector.