what is wrong with FR? it has gone out 3 times!
OK one more try....
i have been looking for the article i read a few weeks ago, but no luck, but i will keep searching. cnbc has been covering the credit card crisis since the bailout talks, possibly before.
so far i found this, from the WSJ: “American Express Co. which is being hit by slowing consumer spending and rising defaults, is seeking roughly $3.5 billion in taxpayer-funded capital from the federal government, according to people familiar with the situation.”
not near as in depth as i was hoping and i dont have a subscription to the WSJ, but will have to do for now....
http://online.wsj.com/article/SB122646207021420153.html to your other post, i am not talking about regular peeps who have fallen on hard times. i am talking about those that abuse the system. unfortunately this happens a lot more than it should.
that is what causes me to see red!
My point was, we're not bailing out the consumers with these massive bailouts.
Yes, some consumers are deadbeats and charge stuff they have no intention or ability to pay for. But that is nothing new. Your taxpayer bailout $ is not going to them.
The credit card companies took a chance on the losers and got burned. But they are passing on the pain to us.