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October 04, 2011

SCOAMF to Bank of America: “I do think at a certain point you’ve made enough money”

Well, that's not exactly what he said. It's what he said before about those millionaires and billionaires (which are exactly the same except for, you know, that x1,000 thing).

No, this is what he said about Bank of America

“[Bank of America's $5/month debit card fee] is exactly why we need this Consumer Finance Protection Bureau that we set up that is ready to go," Obama said. "This is exactly why we need somebody who's sole job it is to prevent this kind of stuff from happening. ... You can stop it because if you say to the banks, ‘You don't have some inherent right just to – you know, get a certain amount of profit. If your customers – are being mistreated. That you have to treat them fairly and transparently.” (emphasis added)

Same as the other quote, really. But can he honestly be this dumb? (yes, that's rhetorical).

Does he not understand that the Dodd-Frank law that created his Consumer Finance Protection Bureau also contained something called the "Durbin Amendment" (named of course after Dick Turban)? The Durbin Amendment significantly reduced the amount of fees banks could charge merchants for debit card use, which was great for the Wal-Marts of the world who lobbied for it. Bank of America, not so much.

How did he expect Bank of America (and other banks) to respond? He and the Dems took billions of dollars out of their pockets and they're supposed to just lie there and take it?

Why yes. Yes they are.

Of course, clown prince Durbin also had this to say about the issue

"Get the heck out of that bank," Durbin said Monday on the Senate floor. "Find yourself a bank or credit union that won’t gouge you for $5 a month. ... What Bank of America has done is an outrage."

I actually agree with Durbin to a point. A customer is free to go elsewhere if they feel "mistreated" to quote the SCOAMF. Or they can, you know, pay for the convenience of using the debit card, use cash, write checks, use a credit card and pay off the balance each month, etc.

But Durbin should look in the mirror for the source of his outrage.

November 2012 can't get here soon enough.

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posted by Andy at 11:37 AM

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