This doesn’t have anything directly to do with Asia — except that Americans will have less credit to buy cars, electronics, toys, clothes, TVs, and shoes — but I thought it was a very important data point about the U.S. economy.
American Express (AXP: 40.93 -0.21 -0.51%) is offering $300 cash to its cardholders that pay off their balances and close their accounts. The only reason for doing this is that American Express wants to reduce the amount of potential credit it makes available.
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This is in addition to the involuntary credit reductions it has completed.
Add it to the closing of their Small Business Credit Line.
Do they know something the rest of us don’t?