Credit Cards: The Next Shoe to Drop

The NYT blog has published an email from an anonymous banker regarding the lax standards in consumer credit card practices.  A nugget:

As a banker, let me describe what we do wrong when we accept and review an application for a credit card. First, we don’t verify income. The first ‘C’ of credit: Capacity to repay, is completely ignored by the banks, just as it was in when they approved subprime mortgages.