Prepare for the next "To Big To Fail" bailout so he can save Uncle Warren.
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 ...
I was amazed by the number of people on FR who were attacking Bank of America for hiking their fees, even though the the Dodd-Frank banking bill is what caused them to do it.
How does it feel to be on Barney Franks's side? Ugh.
The list, ping
Let me know if you would like to be on or off the ping list
defacto ‘Nationalization’ through taxation and regulation...
No kidding. It’s the Atlas Shrugged story done live vs. on the big screen.
According to Yahoo Business, B of A has a profit margin of about minus 20%, and McDonald’s has a profit margin of (plus) 20%. Next thing we know Obama will be trying to limit McD’s profit margin. What a loser.
There is a difference between illegal business practices and unpopular/stupid business practices.
government has no business telling businesses they cannot do legal, but stupid/unpopular business decisions.
“You don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated”
Yeah, duh. But what business is it of the president?
“We need somebody whose sole job it is to prevent stuff like this.”
That “somebody” already exists: he is called “the customer,” who can not use a service or switch companies if he doesn’t like it. “Somebody” could also be Congress, who doesn’t have to pass costly legislation, or the president, as well, who should have vetoed it.
I can’t find in the article the audio I heard today on the radio. His excellency borrowed from an EF Hutton commercial, and said banks should earn money the old fashioned way...they should earn it.
No kidding.
I guess its being scrubbed, because it is so stupid.
“profit margin of about minus 20%”
Why do economists and their friends use this weird terminology? I know why they talk about “negative growth,” which is by definition not growth. Likewise, a negative profit margin means you’re not making a profit. So why not call it a loss margin, for instance? Can it be because they enjoy the illusion of growth and profit? That makes them liars.
“Next thing we know Obama will be trying to limit McD’s profit margin. What a loser.”
He’s already doing that, or his wife is, through moral suasion. Lawsuits and legislation are sure to follow, and in fact were made inevitable by tabacco cases.
Hey obughole...there is a reason i never bank with B of A
their aholes but they shold have the right to be aholes and Not get my business...and that my business not yours
Obama is a socialist so what else do we expect him to say and do. We simply must defeat him in the 2012 elections and stop the the destructive socialism.
Prepare for the next "To Big To Fail" bailout so he can save Uncle Warren.
What other fees does Hussein believe banks should not be allowed to charge?
Muslims don’t believe in interest.
Bank of America should be completely tits up by Christmas with all of this help from Progtards like Premier Hussein and his good friend “Little Dickie” Durbin.....
communist president.
Yes Zero..WE know you are a NAZI Symp. Evil is as Evil does.
http://constitutionalistnc.tripod.com/hitler-leftist/id10.html
Ofcourse the quote from Time was before they joined the Socialist.
Hitler was named “Man of the Year” in 1938 by Time Magazine. They noted Hitler’s anti-capitalistic economic policies:
“Most cruel joke of all, however, has been played by Hitler & Co. on those German capitalists and small businessmen who once backed National Socialism as a means of saving Germany’s bourgeois economic structure from radicalism. The Nazi credo that the individual belongs to the state also applies to business. Some businesses have been confiscated outright, on other what amounts to a capital tax has been levied. Profits have been strictly controlled. Some idea of the increasing Governmental control and interference in business could be deduced from the fact that 80% of all building and 50% of all industrial orders in Germany originated last year with the Government. Hard-pressed for food- stuffs as well as funds, the Nazi regime has taken over large estates and in many instances collectivized agriculture, a procedure fundamentally similar to Russian Communism.”
(Source: Time Magazine; Jaunuary 2, 1939.)
Hitler setup the Labour Front. Both employers and employees joined it. According to the National Labour Law of January 20, 1934, the state would exert direct influence and control over all business employing more than twenty persons. In other words, both employers and employees were put under the control of the government.
“
Suntrust Bank starting the same thing Nov 1. And adding an even lager fee to formerly “Free” checking accounts.
Hopefully everyone is reading all the junk mail their bank sends, and not just their statements....
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