Prominent banking analyst Meredith Whitney warned that "credit cards are the next credit crunch," as contracting credit lines will lower consumer spending and hurt the U.S. economy.
"Few doubt the importance of consumer spending to the U.S. economy and its multiplier effect on the global economy, but what is under-appreciated is the role of credit-card availability in that spending," Whitney wrote in the Wall Street Journal.
Sound familiar? It's something Fast Money's Karen Finerman has been saying for a while. In fact she's been keeping an eye on Capital One , one of the biggest lenders in this space, for this very reason.
Of course, this thesis does rest on the idea that consumer spending is the key to turning the economy around. Don't forget that our government just approved $800 billion in stimulus spending and other nation's around the world are spending, too.
And that leads to our Fast Money Reader Poll. Do you think consumer spending is key to turning the economy around?
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CNBC.com with wires