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Morgan Stanley Asks "If Employment So Good," Why Is This Happening To Credit Card Delinquencies...

In a new downgrade of subprime lenders Capital One and Synchrony, Morgan Stanley sought to answer the nagging question of why subprime credit card losses are suddenly soaring, per the chart below, "if employment is so good." After reportedly spending the entire month of August analyzing that question, Morgan Stanley came to many of the same conclusions that we note a regular, recurring basis.
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