We Are All Subprime Now


	We Are All Subprime Now

Forbes Markets

7-22-2008 9:11 AM

495 views

tags:

u.s. economy, american express, credit markets

Forbes Markets says:

Calculated Risk's take on Amex's earnings call Monday. It doesn't paint a very cheery picture.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ab50fc56-54b8-40bb-9c8f-70dffe8fd59c/D28C23EE-4849-4469-A4BC-B3A0A863707D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://calculatedrisk.blogspot.com/2008/07/amex-super-prime-problems.html" href="http://calculatedrisk.blogspot.com/2008/07/amex-super-prime-problems.html" style="font-size: 11px;">calculatedrisk.blogspot.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://calculatedrisk.blogspot.com/2008/07/amex-super-prime-problems.html"><P>A few comments from the American Express conference call: (hat tip Brian) </P><BLOCKQUOTE>“Over the past month or so, we have seen clear signs that the US economy is weakening. Unemployment rates, as we know, took the largest jump in over 20 years. Home prices declined at the fastest rate in decades, and consumer confidence is at one of its all-time low points. Card member spending particularly among consumers slowed sharply during the latter part of the quarter. Credit indicators as we signaled a few weeks ago deteriorated beyond our expectations, and by almost any measure the US economy and business environment are much weaker than the assumptions we first spoke to you about back in January and the conditions that existed in early June. <STRONG>Now this fallout was evident across all consumer segments, even our longer-term super prime card members.</STRONG>”</BLOCKQUOTE></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/D28C23EE-4849-4469-A4BC-B3A0A863707D/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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