AmEx falls as economy chokes growth
Posted on July 22nd, 2008 by Editor
The company said that even its most creditworthy, long-standing customers felt the effects of the economic slowdown currently sweeping the U.S.
Without giving specifics, AmEx said it plans to cut staff and reduce other costs, noting that the resulting charges will hit results in the second half of 2008.
“With bad debt occurring even in the superprime card segment, AmEx’s earnings clearly show that the credit crisis is going upscale, which does not bode well for the U.S. economy,” Red Gillen, senior analyst at consulting firm Celent, commented via email.
Still buying into Bush and the neocon blowhards (Hannity, Rush, etc.) who insist the economy is not in “recession”?