If one were to make a list of the 10 persons most responsible for the meltdown of our financial system two of them would be Congressman Barney Frank (Pervert-MA) and Senator Chris “Countrywide” Dodd (Thief-CT). So I found it incredulous that the current regime allowed Frankendodd to actually write the bill to repair the damage that they caused. Add an amendment from Senator Dick Durbin (Moron-IL) and financial disaster is here.
These three particular stooges have put several poison pills in their legislation that are just now coming light. Personally, I don’t remember anyone ever complaining about “interchange fees” before. We all paid them, but they were invisible to us and covered within the price of the good or service that we purchased. You buy a cup of coffee at Starbucks and you paid a few cents while when you bought a flat-screen TV at Best Buy you paid more.
You were paying for a service provided by your bank that provided you with a card, a secure transaction, and extended you credit or validated that you had money in your account (debit card). If you didn’t use your card a great deal or didn’t buy expensive stuff – you paid fair and proportionate fees. Well – the socialists in Congress and the White House couldn’t have that.
My son who works in the banking industry pointed out that small banks are exempt from Frankendodd. That means there is a two tier pricing system now (actually three-tier if you include cash payments). For example if your Bank or Credit Union is smaller that $10 Billion they could charge a fee for your use of a debit card that might be 2% of the cost of the transaction. However I have a card issued by the largest credit union in the Nation – so their fee is restricted by Frankendodd to $0.21. If we both buy a flat-screen television for $1500.00 at WalMart, the store has to send your small bank $30.00 but my credit union gets $0.21 --- shouldn’t I get the television for $1471.79? Oh – and the really bad news – you probably paid a fee of around $0.08 cents for that cup of coffee – but Frankendodd says that it can’t be any more than $0.21 – what do you bet your cup of coffee goes up about $0.13?
The government just screwed us again. The result of making some $10 Billion in fees disappear from banks and credit unions means that we are going to pay for our government’s interference with the loss of free checking, increases in other fees, and most probably unemployed bank workers. Thanks you Barney, Chris, and Dick.
Get rid of the bums in 2012 and replace them with people who actually understand what the “free” in “free market” means – Republicans.