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 ...
Are you suggesting Obama is an honest politician? What has he ever done to give you that idea?
Yup, BOA should specifically list it as the Durbin Fee and so should other banks.
Hey BARACK!
YOU don’t have ANY say in the matter of a companies profit!!!
THAT is the purview of the FREE MARKET!!!!
Prevent stuff like this? BOA has every right to charge it's customers a fee, and people have every right to go find another bank or credit union. What other fees does Hussein believe banks should not be allowed to charge?
He apparently doesn’t know a lot about subject verb agreement either.
Too Big To Fail BOA needs more government intervention until it becomes a completely government controlled bank.
Oh yeah! Obama declaring that the heavy-hand of government can tell a business how much profit they can or cannot make Now that's going to inspire a lot of confidence in the economy!
Seriously, how is this any different than Hugo Chavez? First, Obama and Democrats jam Obamacare on us and now they are declaring that government can tell any American business how much profit they can make??
Are you freaking serious???
Ya know, for a split second there I was almost feeling sorry for the c*mmie b*st*rd, what with the “you aren’t better off than you were four years ago” confession and all that.
Then he shakes me back to reality when he opens his mouth like this and reminds us all what a reptilian he really is. He is having at least half the trouble he is because of his c*mmie ideology.
Like people who get nostalgic for the Clintoons. How easily we forget.
Profit? They have been insolvent for 3-4 years. They are 5 minutes from failing on any given day.
Hubby worked for Michigan Bell, before and after the break up of the Bell System....There were laws in place that said the Individual bell systems could only make a 6& profit after all expenses....Starting in November, overtime was used quite extensively......The bottom line for the company made only 5%, therefore they could go to the commission and say they only made 5% not the 6 they were allowed to make and the commission allowed them to raise rates so that they could make the profit the government set....
Its all a bunch of BS when the government makes the rules...hope this is explained well....consumers are always the one's that pay...not any corp. or government...
Maybe "Borg of America" customers will just patronize other banks that don't charge the fees. Some of my favorite commercials are the Southwest Airlines ads. I despise baggage fees--and I would consider flying them instead of United if my corporate overlords didn't make me use United (after all, they bill the feds for my travel expenses so it's not like they have to pay the baggage fees).
Yes, this is in reaction to Dodd-Frank. Was Obama asleep when Herman Cain explained to Slick Willie what would happent to pizza prices if Hillary Care became law?
Maybe "Borg of America" customers will just patronize other banks that don't charge the fees. Some of my favorite commercials are the Southwest Airlines ads. I despise baggage fees--and I would consider flying them instead of United if my corporate overlords didn't make me use United (after all, they bill the feds for my travel expenses so it's not like they have to pay the baggage fees).
Yes, this is in reaction to Dodd-Frank. Was Obama asleep when Herman Cain explained to Slick Willie what would happent to pizza prices if Hillary Care became law?
It’s the Obama/Dem Progressive two-step. Create a problem, then exploit it.
TANSTAAFL
Wow!
Obama signed the law Dodd-Frank - the Durbin Amendment to fund bailouts.
And that is exactly what the Gov't engineers wanted to see happen with Dodd-Frank.
Now all they need to do is increase the regs on Bank of America even more in order to drive more customers away to cause it to falter more or (their ultimate goal) even fail.
You guys nailed it - this is fascism, from the mind of a guy who is a Marxist at heart.
This is unreal. He does not believe in America on a fundamental level. No inherent right? Really? A president said that? Absolutely unbelievable.
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