Oh no! People who borrowed imprudent amounts on their credit cards are having trouble paying the bills, so credit-card companies are tightening standards. Time for Paulsen-Bernanke to guarantee every credit-card balance, every piece of paper blowing down the street, and every teenage boy’s love note. Or maybe, just maybe, the “credit crunch” is the market’s response to insane, Fed-generated borrowing. Maybe the collapse of the Fed’s house of cards is not only a necessary cleansing, but also the only sure foundation for real growth.