American Express Wants $3.5 Billion From The U.S. Government
The line for federal aid just got longer. Financial giant American Express just stuck out there rather meaty corporate hands to try to get their piece from the United States welfare trough. It marks yet another financial company looking for a tax-payer funded handout.
This follows on the heels of the unprecedented $700 billion bailout announced last month. AIG was the biggest benefactor of the governments largess with an approximate $300 billion dollar bailout. They sure are spending that wisely, what with trips to the spa and all.
The credit crisis in the housing market has hit us all rather hard. Banks and financial institutions are getting their taxpayer subsidized relief and now, quite predictably, other retailers and manufacturers are saying ‘hey, where’s mine’. The auto industry is making the most noise at the moment. Great strategy manufacuring all those trucks and SUVs.
If I sound a bit jaded it’s because, well, I am. Are we not a capitalist country. What’s with all the corporate welfare? If companies find themselves in financial trouble through mismanagement and poor decisions, let them fail. If we Americans make poor decisions with our finances is someone going to write us a check and say, ‘here you go…. everything is going to alright’? Not hardly.
Thanks for allowing me to vent. I realize that there are some strong arguments for the bailouts. The truth is that some of these companies are so large that if they were allowed to fail they would have a huge ripple effect throughout not only the U.S. economy, but the world economy as well.
But my question is this – how much is enough and who is overseeing the way the money is being spent. I certainly don’t trust the CEOs and CFOs of these corporations. We are in this mess to a great degree because of their mismanagement. Our grandchildren and great grandchildren will paying this off. And I swear, if I hear of any more golden parachutes I’ll go absolutely f%@#ing ballistic.
Related Information:
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