Anybody else think that its funny that noone will lend money to AX

[2ndChanceTx]

AX hasn't been able to sell its debt and get financing on the loans its making so they are going through the process of becoming a "real" bank so that they can have access to the bailout trough.

I think it was Mark Twain who said that a banker is someone who will give you an umbrella when the sun is shining and want it back when it starts to rain....

I somehow doubt that this will soften their harsh outlook on those who have had credit problems in the past.

Karma in play perhaps?

[bigblaze]

I think the government should tell them they can have say 5 billion then only give them like half a million with the response that they adjusted the credit limit after evaluating their credit risk.... (of course they shouldn't tell them till they actually try to use the money...)

[BassBoy]

I think it was Mark Twain who said that a banker is someone who will give you an umbrella when the sun is shining and want it back when it starts to rain....

Yep, you're right.....and......that's been my siggy since I first joined.

[fltoo]

Twain is famous for his witty sayings addressing the woes of his era, not his economic savvy.

No, I don't think it is funny that AmX can't get loans to raise capital to lend people money. Yes, some of the practices of the cc industry are loan sharking and should be regulated. But, the bulk of defaults are because we got in over our heads with cc debt.

Just got a call. Big bank, many of us here have cc debt with this bank, just laid off two layers of employees in Detroit. Karma is not having businesses get in trouble and laying off the masses.

I know misery loves company, but, GEEZ.

[Dirk Squarejaw]

I think the government should tell them they can have say 5 billion then only give them like half a million with the response that they adjusted the credit limit after evaluating their credit risk.... (of course they shouldn't tell them till they actually try to use the money...)

And tell them that they can use the money EVERYWHERE only to find out that only a few places accept it.

[fltoo]

Got that right.

I stopped accepting AmX after 3 months of ridiculous fees. Visa and MC are 2%+ cheaper to process.

[ansky0007]

Unfortunately Amex charges us 3.5% but our high ticket items $1000 or more are usually bought using Amex. We would loose alot of business if we did not accept the card.

[chloe0724]

And I'm sure the fees will go up. I read that most financial institutions will be raising their fees to help with losses.