One analyst reaction to earnings. Worry, worry a lot!
Strongly concur with all the above. The credit card phase of this financial crisis is being exacerbated by the impending recession (unemployment & inflation) and will reek havoc on that part of the financials that is not protected by the recent "rescue measures". COF is not as protected as Citi and JPM. Meredeth has not been popular but she has not been wrong either. Like Citi and Merrill Lynch last year, her prophecies will not blossom for several months...the next earnings report.