I have mixed feelings about this. On the one hand, certainly I want to see more access to emergency backup funds by those living most at the edge. However, I doubt new credit would mostly be used in that way and more likely it would result in more flatscreen TVs and such. People who never have excess tend to think of any access to funds not needed for a particular thing as "free money," or at best a chance to finally do some of those things they've been thinking they should do for their kids, house, etc.

At the same time, we know we're sitting at the top of a bunch of bubbles. Extending more credit to the poor was how we extended the bubble back in 2006-08 and we know how that turned out.

Remember that the Fed creates money by giving it to banks for them to lend out. I suspect these loosening credit standards are the result of them needing to create more money than the currently qualified pool of potential borrowers is tapping into.

I wonder who really will benefit here and who will be made worse off. My suspicion is that this is just more transfer of wealth from the working class to the rich banks. How many of these are going to turn into defaults with exorbitant fees and collection charges tacked on?