I still remember my mother telling me I should not hate anyone, but I hated Dr Zachery Smith. Do you remember? He was the cause of
problems, putting the Robinson family in constant danger because of his greed and
stupidity. However, after a crisis passed, he would deflect blame and
try to grab any available credit.
I got the same feeling last night after watching an American Express ad forecasting a light at the end of the economic recession and the rebirth of a new and better small business economy. Clearly, their Dr Smith moment.
Reality is that American Express cut credit limits to small business owners in their moment of need. This not only limited available credit, it cause credit scores for many to drop and their cost of capital jump. In other words, Amex was part of small business’ problem,
not a solution. When times were tough and the recession was scaring
many business owners, Amex cut their risk and ran for cover. Owners
were looking for small business loans and working capital while Amex
was taking them away.
Now that things are looking brighter, they want to be a resource and a friend. Until when…?
I understand weakness and fear, we’ve all experienced that at one time or another. I understand Amex wanting to protect their balance sheet. What I do not tolerate well is Amex boldly proclaiming they are part of the solution now that the future looks brighter. I did not like it when I was a kid watching Lost in Space and I do not like it now when my business is on the line.Did you have your credit cut by Amex or another credit card company?
- Built to Sell - Secrets to Creating Value in Your Business
- Investor Preference – Life Saver for Angel Investors
- What Would You Do with an Extra $1 Billion After You Sell Your Company?
- Warren Buffett Defends Moody's - Drifts Further from Economic Reality
- Obama's New Bank Tax Will Not Create Small Business Loans