American Express announced this morning that they are applying for lending institution status. This is in order to take advantage of the federal tax dollar handout.
Yes, folks, they’re piling on at a record pace. The story I heard this morning referred to it as a race to the bottom. Pretty accurate, no?
In related news, President Stupid and President-Elect Council on Foreign Relations are speaking in Delaware today. They will emphasize support for the auto industry, in the continued socialization of all corporate loss. Funny, I don’t remember these corporations rushing to share their profits with the taxpayers when things were really good….