I read that article yesterday, also, ER. And had the same gut reaction you did.
But at least they’ll be able to BK out of it when it collapses. Unlike if they were borrowing against home equity (cash out refi’s or helocs) to get the money to wager in the market. With cram down off the table – you will have to lose your house (short sale or foreclosure) if you get your gambling money from that source… But with credit cards… BK can wipe out your “investment mistakes”.
Real investing doesn’t happen anymore. Investing is where you put down money on companies that have good long term growth potential. Now it’s all day (or week) trading… buying on the rumor, selling on the news… Hoping for short gains. It seems to be a lot closer to gambling that investing.
