Complacency Continued

So what could end complacency - the next crisis. The NY Times reports on the pending problems with credit cards. Credit card debt has been securitized and sold much like mortgages. We can only assume that there is just as much leverage involved so when this securitized market tanks it will tank hard. Of course, the problems here are nothing new. Check out this article from Fortune. And, here's a good article from Businessweek. But, the Fed's Stern said this last week: "Credit Card debt securitization by the market has performed well, US economy is fundamentally sound." The market performs well until it doesn't.