Wednesday, November 12, 2008

Why Bailout American Express?

The Federal Reserve on Monday evening granted American Express request to become a Bank Holding Company so they may take advantage of the Bailout Money that the Congress, President and Treasury Secretary are handing out to banks. Does this mean that every American Family should apply to be a Bank Holding Company so that they can also obtain relief from the massive debt that now saddles the average American Family caused by the economic ruin that the Republican Bush/Cheney Administration Policies have caused? OK, so the rules are against the average American Family becoming a bank holding company, but why should the Federal Reserve allow companies like American Express to become a Bank Holding Company to take advantage of the Bank Bailout?

The Quote from Kenneth I. Chenault as reported by the press was, " we want to be best-positioned to take advantage of the various programs the federal government has introduced or may introduce to support financial institutions". Well isn't that just great, they are getting on the line for the Welfare for the Rich Program that the Republican Bush Administration has established before they leave office. Why doesn't American Express sell their Real Estate Holdings if they need money, just as people are forced to sell their homes. have you ever been late with your American Express Bill and received 30 calls from India at all hours of the day and night and have these people harass you. Maybe if American Express had hired Americans in America and paid decent wages in America there would be more money in the American Economy.

It is time the People Revolt, the Republican Administration encouraged sending our economy overseas, now our economy is in shambles and the Administration will bail out the rich while the working class and middle class are suffering and struggling to make ends meet. American Express should have a garage sale, sell their fancy office furniture, their state of the art monitors and computers, the Art work hanging in their Executive Suites, their limousines for their Executives and raise money the old fashion way, by struggling and scarping like they expect the American to do.

At the very least all Executive Compensation should be cut by 60-70%, all bonuses curtailed and all expense accounts cut. American Express is not even broke, they have shown four quarters of declining profits, so what. The American People have shown 8 years of declining income under the Republican Policies of the Bush Cheney Administration, they sent us a $600 check to "bail us out". Meanwhile, the estimates are that the $700 Billion Bailout for the Corporations who have soaked us with usury interest rates is now estimated at $2 Trillion by every honest economist.

So, here we are again, American Express the worst offender in the credit card industry now wants more of the American People's money. Shouldn't there be consequences? Shouldn't American Express have to show that they have made an honest effort to sell their Real Estate, their extravagant office furniture, their Executive Suites, Their Limousines, Their Fist Class Airline Tickets, their 5 Star Hotel Stays, their $200 dinners? Shouldn't American Express have to guarantee that all jobs will be moved back to America at a living wage? Shouldn't American Express have to cut the rate that they charge Merchants to accept their Credit Cards, the highest in the Industry? Every American should be asking WHY?, Why are we bailing out another Corporation where the Executives earn more in 6 months than most American Families earn in a life time.
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