Now Amex Wants a Bailout

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Ahead of the Bell: American Express seeks $3.5B: Financial News - Yahoo! Finance

Why can't people see that the biggest reason for all this mess is the change in the bankruptcy laws? When people could't get out of their unsecured debt it got overwhelming and they lost their houses. Now it's twice as bad.
  • Profile picture of the author Mike Wright
    The major Auto manufacturers are also asking for cash
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  • Profile picture of the author ShayB
    Originally Posted by Emailrevealer View Post

    Ahead of the Bell: American Express seeks $3.5B: Financial News - Yahoo! Finance

    Why can't people see that the biggest reason for all this mess is the change in the bankruptcy laws? When people could't get out of their unsecured debt it got overwhelming and they lost their houses. Now it's twice as bad.
    So are you saying the bankruptcy laws should not have changed?
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    • Profile picture of the author Emailrevealer
      Originally Posted by Shay60654 View Post

      So are you saying the bankruptcy laws should not have changed?
      Of course. We need to reverse those laws back asap to give people a pressure release valve. Otherwise they wind up losing their homes and the bank is stuck with a house worth 50% of what they loned on it.
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      • Profile picture of the author ShayB
        Originally Posted by Emailrevealer View Post

        Of course. We need to reverse those laws back asap to give people a pressure release valve. Otherwise they wind up losing their homes and the bank is stuck with a house worth 50% of what they loned on it.
        How about teaching people that having debt up the wazoo is stupid and not to do it?

        Instead of making it easier to ditch their debt and run?
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        • Profile picture of the author Emailrevealer
          Originally Posted by Shay60654 View Post

          How about teaching people that having debt up the wazoo is stupid and not to do it?

          Instead of making it easier to ditch their debt and run?
          How about teaching credit card companies that if they offer unsecured debt at a higher interest rate they are taking a risk?

          Amex had the option to require the debt be secured by collatoral but they chose to loan the money without security. Then they hired lobbiests to get the bankruptcy laws changed to favor themself.

          Not satisfied now they want the taxpayer to cover their high interest loans.
          How nice.

          I was once in the business of loaning money on equipment. Of course I could not get the Govt to collect for me.
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          • Profile picture of the author ShayB
            Originally Posted by Emailrevealer View Post

            How about teaching credit card companies that if they offer unsecured debt at a higher interest rate they are taking a risk?
            You are kidding, right? Please tell me you are kidding.

            So if someone borrows money (signs an agreement as to the interest rate, etc.) and doesn't repay that, then it is the company's fault? Seriously?

            So much for personal responsibility....
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  • Profile picture of the author valerieSONORA
    Ha, imagine if that worked for regular ppl like us. We can buy anything and everything, get a million dollars into debt and then just get a big bailout from uncle sam.
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    • Profile picture of the author ShayB
      Originally Posted by annoyedgirl View Post

      Ha, imagine if that worked for regular ppl like us. We can buy anything and everything, get a million dollars into debt and then just get a big bailout from uncle sam.
      That's why I think we need to have a blue-collar woman in the White House. You know, someone used to balancing a budget and not living off of a trust fund. Someone who is used to clipping coupons.

      BTW - I am running for President in 2012.
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