You know, sometimes we can agree.

Yeah I found that amusing too! AMEX should be in the least amount of trouble since you pay the bill in-full each month I know they have that Blue and Plum cards with revolving credit, but it can't come near the number of VISA and Mastercard holders out there. It could be like the older siblings making the youngest ask for ice cream (they come running too if the ploy is successful). If it happens, and I hope it doesn't, I'd love to be the guy on the phone talking to the AMEX representative. "Sir, if this 3.5 billion had been a purchase we could have charged you 19.9% APR, but since this is a cash advance, and you're not a preferred customer, the APR will be 23.9% plus the 3% or $20 transfer fee, which ever is greater. Would you like our credit protection? It's only $1.89 per $1000 on your balance. And lastly, would you like to receive offers from our partnership companies? You can opt out if you decide not to later on". That would be rich!!! I'd love to charge someone 19% interest yet get 4% terms for myself.

Well, that's a fundamental difference in approach & opinion, as well as an oversimplification.  Government should create/promote an environment in which business thrives, or we all suffer.  Appropriate safeguards, such as anti-trust laws & regulatory requirements should of course be in place to minimize the risk of charlatans, but overwhelmingly business benefits when it acts in the interests of its customers - there is a natural incentive to do so as it is, in the long run, a win-win proposition.  Further, the less government interferes with business, the better off we are.

The current mess we find ourselves in is a result of direct government interference & coercion in the financial markets in furtherance of a social engineering project, incenting, in fact forcing, high-risk behavior on the part of financial institutions which would otherwise never have been entertained.  Attempts at artificial manipulation of the financial markets, contrary to sound financial principles, while promising the coerced companies that the government would make good on any losses was a recipe for the disaster we are dealing with now.  No one can seriously believe that AIG or its executives, or any other of the affected companies, intended to fail or to put themselves in receivership.

We should re-establish a climate conducive to business success & growth, whatever it takes to achieve that - it will be our only long-term chance at recovery.  The currently popular narrative about 'greedy Wall Street barons' is a chimera - focusing on that will do nothing to help get us out of this mess.

Exactly. If a credit card company actually succeeds in getting bailed out it will be the mother of all ironies. And I think you're right with the children asking for ice cream thing, if one gets it they'll all want it.

What would push me over the top the most?  If mastercard gets a bailout. Words fail to describe my disdain for them and their despicable practices. A few years back I had a mastercard that I paid off in full, balance owing was actually positive, something like + 1 dollar.

Now, to be fair I should have kept reading the statements that they sent me, but I was a dumb kid (still am!) and so I figured since I had paid off the card in full and wasn't using it for anything, I was safe right?

ha ha ha ha!!!! 

A few months later I got a phone call from some lady who was very.... brusque... shall we say. She informed me that she was from mastercard accounts payable (or whatever it's called) and wanted to know when I could make a minimum payment, and that if I didn't this was my last chance before going to collections.

My balance owing? 80 dollars.

Even though I hadn't used the card for anything, of course there are "administrative fees" you see. And then interest and non-payment penalties kick in the second after those fees are applied and the due date missed.

Anywho, the original "administrative fee" was a whole whopping 10 or maybe 20 bucks, but in a very short time it had ballooned to 80 dollars with all the penalties and interest they incur.

Now, this was no big deal to take care of and I gave the rude lady on the other end of the line quite an earful (for which she later admitted it was a somewhat ridiculous practice to shake down customers like this) but here's the kicker;

If they can wring money out of someone who owes them nothing, just imagine how much grief and misery they inflict on the poor soul who's actually charged something to the card. I used to think credit card horror stories were a myth, but when I researched the utter garbage they pull on people with hidden fees, "sudden death" penalties for missed payments, sudden jacking of interest rates, etc, I can totally understand and empathize with a lot of the folks out there with credit problems.

These companies are little more than goons in suits and the sooner they go, the better off we'll all be!!!

Never heard of the Plum - what are they for?

No.  Defender does not mean agressor.  We still do not have a bureau of future crimes yet.  They should not oppose or reign in anything until such time as it become necessary.  Pre-emptive litigation is not the role of government in America, period.  Although I can see that is where we are headed.

Plum card is for small business, it's relatively new.

I thought that was blue? (I have blue).

The difference between plum & blue is about 12-15psi applied circumferentially.

Doc, here's the link .