Posted on 10/03/2011 2:04:07 PM PDT by JesseWatters
President Obama joined fellow Democrats in blasting a new fee on debit card users announced by Bank of America, arguing that banks do not have an "inherent right" to a certain amount of profits. The bank has come under a hail of criticism after it announced it would begin charging debit card users $5 a month, blaming the move on policymakers who curbed the amount of fees they could collect from retailers. "You don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated," he said in an interview with ABC News. "My hope is that you’re going to see a bunch of the banks saying to themselves, 'You know what, this is not good business practices.'"
(Excerpt) Read more at nation.foxnews.com ...
Reminds me of this Rand book...
The Dick Durbin fee.
BOA should list it as such on people’s accounts.
Did BoA not pay the monthly bribe, er, campaign donation to keep Obama off their backs.
That transcript makes me sick. I hate BofA, but I completely support them in this. They have every right to do it, and I have every right to go to another bank. Once the government gets involved, rights have a way of vanishing. That is rarely a good thing.
How? By having your “anonymous” friends crash their web site?
That would be hilarious.
And yes. Yes they should.
We already have someone to put a stop to this. It is you, Obummer. Repeal Dodd Frank now and this all goes away.
He simply has to stop this foolishness. It will set up a major race/class/capitalism vs. socialism upheaval that will change this country no matter who is elected.
Of course, it will be much worse if a Republican wins. Just listen to Maxine Waters’ latest threat.......to be turned loose is too obvious to ignore.
That chick on the right has elf ears...
BofA seems to be doing a pretty good job of that themselves, thank you very much.
He has the mind of a two-year old.
Uh, yes they do. While it isn’t a “right”, they can place any fees they wish on their card. However, customers have the choice of bending over for it or telling BofA what to do with the fee can move their account to another bank.
Spoken like a true commie.
Facism at its best.....
Fascism...
Not to be pedantic, but this is more “fascist” than communist, where the government doesn’t take specific ownership of business, but lets private ownership exist only operating within rigid parameters in order to serve the state.
Obama, indeed, IS a communist at heart.
Coming soon to any bank near you. This is a case of them collecting enough to cover their costs, with some profit. This thing called profit keeps them in business. When the fees show up everywhere, it will be much more difficult for him to play the blame game.
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