I have heard about the credit cards bit about two months ago. So it is not new. Meredith Whitney (oppeheimer) has been harping on it everytime she gets on the Bloomberg. Don't worry she never miss a trick.
CDO is already out. If I recall correctly, I think the US has imposed stricter rules for new credit card applications, housing loans and etc.
Maybe the next big hit is credit swaps/derivatives... if any. Those banks will roll them out.
Every time that old news get recycled people get excited again...
The things that appear to cheese off the Americans - more capital raising and dividend cuts.
