Merikan Express

Earlier today, American Express, the credit card company, received three thousand three hundred and ninety million dollars in bailout money. The federal government went out of their way today to put us into that much more debt by shoveling money over to a company who's existence is predicated on millions of Merikans staying in debt. Apparently, debt servicing payments to American Express aren't enough to keep the company out of debt, so we further indebt the same indebted public to de-debt them.

People are foreclosing on their debts to American Express. All you have to do is listen to AM talk radio to figure out why. All the Hannity, Rush and Savage broadcasts are espousing "personal responsibility," no government intervention and free markets, while every commercial break has advertisements for debt consolidation and debt elimination programs. How to settle your debt for a fraction of what you owe...that is, how to fuck over everyone who ever lent you money. People are doing this in droves, American Express is losing, and now I the taxpayer am forced to their rescue.

American Express applied for and won commercial bank status last month to allow them access to TARP funds. Now they can run out into the financial shitstorm with a tarp overhead to keep them high and dry from the toxic rain pouring down on the industry, while I get wet holding up my corner of the tarp.

Why do we even need American Express? Would their loss be catastrophic to you? To me? Would we implode without that 8th credit card in our wallets? Consider that all this TARP money will not, not! be used by American Express to make lending easier to the hordes of plastic junkies in this great nation. Not used to reduce rates. Not used to lend to others. Nope, it'll be used to offset "heavier than expected" losses in credit markets they ventured recklessly expanded into during the Grand Boom of 2001-2006.