![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjG8X5hbNn6y268lc_vSU8A-WD0mtapfsRQXG3obUl4a6CaGPbbb8B6F8BuEohbNQVHRaRk-EcpUzwW5TfBf487kR7G-t1_JyQNyaQN7EDFHfgkKjy3K1a_nrhU2YksNchV1U0Lw/s400/amex-black-card-centurion.jpg)
CNCB just reported that in Q2 2008 Amex (NYSE:AXP) posted a decline of 37% on a year-over-year basis.
Is anyone really surprised that credit card companies (even Amex) are facing significant losses (and preparing for far more) from the current economic decline?
I know Wall Street is… Why is that and when do you think they will start withdraw those coveted Amex Black cards?