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America on the dumb end. Part I

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Short post. WTH is going on in D.C.? What is going on with my fellow Americans fighting to maintain the profit margins of banks? I recently had someone attempt to argue to me that we needed to protect the rights of banks to raise debit processing fees. The argument was not raising the fees would cause small banks, small towns, and small businesses to fail. I was lost. I read the posting several times but could not grasp how the user came to such logic. When did banks depend on debit fees to run their operations? I always thought banks made most of their money on investing in venture enterprises and in loaning money to customers. The interest rate for inter-bank borrowing is less than 1% but to the consumer the rate is is still well above 3%. The posting had me lost and confused about the defense to save the banks.

This man was arguing for something that actually went against his own economic stability. When banks raise processing fees on debit cards, small business owners then pass the cost to their customers (i.e. you, me, and the man desiring higher fees). Either he hates anything Obama puts out to help American people or he is just a corporate troll.

I had been asked recently what to do about trolls on the internet. Trolls on the internet are the people who use chatrooms, bulletin boards and other forums to create havoc during actual intellectual conversations. Recently corporations and politicians have hired people to create havoc online to either quell intellectual stimulation or to push a particular fascist point of view. The saying "If enough people say it, it must be true." applies so well to the internet. If he is not a paid troll then he is a victim of misinformation in continuous play being fed to his sub-consciousness. This man has heard so often how trickle down economics works that he is unable to see the results of 10 years of trickle. The banks did not create any jobs from the TARP money. There has not been one trickle to the people who bailed out the banks. He is unable to see his rights as a citizen being usurped by corporations. America we must awake to see the reality of our government being taken over by corporations. We must do it now; for the children.


Links:
http://www.nytimes.com/2011/06/09/business/09debit.html

https://newsdeskinternational.wordpress.com/2010/12/21/fed-debit-card-fee-rule-receives-criticism-from-barney-frank/ (let me know if questions crossed your mind on this link)

Comments

  1. That's a very good point you make about banks supposedly having to survive on debit credit rates; a ridiculous notion indeed. And the very fact that these new rate limits benefit retailers, especially small businesses, no doubt needs to be amplified.

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