davenerven

American Express Calls Investment Banks' Bluff

There is no need for metrics in your article, which, even though I am bullish in general, I have to agree with.

For me, the pertinent statement is from AXP: Chenault continued, “In light of the magnitude of the negative economic trends and our experience, we now believe the economic weakness in the US will likely worsen throughout the remainder of the year and negatively impact credit and business trends ... we now expect that our lending write-off rate in the third and fourth quarter will be higher than June levels.”

Add this to what Jamie Dimon has been telling us, again without deceit, and we basically saw 2 straight dudes calling the credit situation as it is (and it ain't looking too good), versus a crowd of shysters and bottom-feeding pumpers selling snake oil.

Saying this though, I really don't want to see those criminal naked shorts back again. Let the markets find their own true levels without any more hysterical bashing or pumping.