Post by stevemcgarrett on Jul 15, 2010 20:49:30 GMT -5
It's not just that my friend. Get a load of that Durbin Amendment, you know, the one that says the FDIC will set interchange fees (BTW, this has absolutely nothing to do with the crisis, but when did that ever stop the numbskulls in Congress.) Interchange fees are also known as 'swipe' fees. This is the fee Visa/Master Card charges the retailers everytime you swipe a debit card. This fee gets passed along to the banks. Now, with good old socialist price controls the banks will no longer get a fair cut to offset their processing costs, fraud costs, infrastructure costs etc.
All these idiots in Washington have done is allowed the retail industry (and their lobby) to pass the retailers cost of business off to the banks, where it will then be passed to the consumer. Couple this with the recent changes to the ability to charge Overdraft fees on debit card and ATM transactions and you create a perfect storm that will spell the end of free checking. Way to go Dems, you just cost your own constituancy a boatload of money. But hey, the average voter won;t be smart enough to figure you out, right? You'll just point the blame finger at the banking industry. After all, it's sound policy in an economic downturn to villify an industry that is vital to getting the economy back on its feet. We know, if you didn't do the spin, the voters might wake up to the fact that the Dems and the likes of Barney Frank are the ones that really created the crisis in the first place...the crisis that their BullSh!t bill is supposed to 'solve.'
ANd I voted for Obama...I feel like a big dumb idiot at this point.
All these idiots in Washington have done is allowed the retail industry (and their lobby) to pass the retailers cost of business off to the banks, where it will then be passed to the consumer. Couple this with the recent changes to the ability to charge Overdraft fees on debit card and ATM transactions and you create a perfect storm that will spell the end of free checking. Way to go Dems, you just cost your own constituancy a boatload of money. But hey, the average voter won;t be smart enough to figure you out, right? You'll just point the blame finger at the banking industry. After all, it's sound policy in an economic downturn to villify an industry that is vital to getting the economy back on its feet. We know, if you didn't do the spin, the voters might wake up to the fact that the Dems and the likes of Barney Frank are the ones that really created the crisis in the first place...the crisis that their BullSh!t bill is supposed to 'solve.'
ANd I voted for Obama...I feel like a big dumb idiot at this point.