GEITHNER WARNS BANKS: WE WILL ‘PREVAIL’ OVER YOU

The Blaze ^ | October 5, 2011 | Beckett Adams

[Jet Jaguar]

Treasury Secretary Tim Geithner joined with his colleagues on Tuesday and said that the Obama administration “will prevail” in the battle over banking reforms, reports CNN.

“There are no surprises, nothing strange about the fact that banks are resisting it — are pushing back,” Geithner told CNN’s Erin Burnett. “They are trying to weaken those reforms.”

Last year, lawmakers approved a law that put a cap on how much a bank is allowed to charge on debit card transactions. Some claim that this cap led Bank of America to recently switch to a $5 monthly charge.

Geithner reiterated his position against the banks.

“We are going to push back harder,” he said in the CNN Money report. “And in the end, we are going to prevail because what we are doing is a reasonable, sensible thing.”

The so-called Durbin Amendment, part of a larger Wall Street reform law,

[Jet Jaguar]

ping

[servantoftheservant]

misdirection. these guys are in bed with the banks... the Fed most of all.

[silverleaf]

the goal is fascistic control of the banks

obama and Geithner tried and failed to control the big banks with TARP

the big banks like BoA bucked them and paid it back early

Now the battle is on again

Imagine the Treasury Secretary of the US threatening our banking system over $5 fees for service??? And the second senior senator - who passed this
“If it ain't broke break it” legislation - trying to incite a bank run over a $5 fee customers are free to walk away from?

Remind me again how many fees and taxes the feds place on airline tickets? On a gallon of gasoline?

[PGalt]

Interesting. Thanks for posting. BUMP!

[Ann Archy]

The left is DESTROYING EVERYTHING!!!!! EVERYTHING!!! Thanks all of you PURISTS who wouldn’t vote for McCain because you thought he was SO bad!!! OMG!

[DeaconRed]

Like we believe anything out of the Tax Cheats mouth.
He will ask how high when the banks say jump.
That you CAN believe

[RockinRight]

Hey Buddy...people work at banks, too...and you’re setting up for more of them to lose their jobs on top of the other millions.

[mewzilla]

Bought and Paid For: The Unholy Alliance Between Barack Obama and Wall Street[Hardcover] Charles Gasparino (Author)

[mewzilla]

And not just American banks. Foreign banks, too. Certain foreign banks, anyway.

[mewzilla]

Case in FREAKING point......

A Dexia Depositor's Dilemma

Dexia already spent 2008 collecting a €6.4 billion bailout from the governments of Belgium, France and Luxembourg, and a $26.5 billion (€19.9 billion) loan from the U.S. Federal Reserve's discount window.

[mewzilla]

More on Dexia....

Dexia May Be Left as Bad Bank as Governments Shun Injections

SNORT.

[Venturer]

They have the Health Insurance industry by the balls, they have GM making green cars they cannot sell, no they are going after the banks.

It’s all about Government power and control.

They are only a tad more sneaky about it than Chavez ,but the end game is the same.

[mewzilla]

Meanwhile....

Belgium tells France will not foot full Dexia bill

[LomanBill]

In every community there are small banks and credit unions who did their due diligence, exercised proper fiduciary responsibility — and turned up their nose at the sub-prime bait.

They and their depositors are muddling along just fine.

 

Smart consumers will be able to seek them out. Others, not so much.

 

I know my deposits are safe; and I’ve no credit problems, either. I have no debts because I do not buy things unless I can pay for them.... and my wife and I ate a lot of chicken and hot dogs whilst SAVING the down payment for our 1st home.  That reality is largely due to growing up in a Law Enforcement family whose members demonstrated and taught hard work, financial responsibility, and prudent use of credit which, if not used with care and restraint, will eat the abuser alive and likely deposit one’s brains all over the kitchen ceiling.

 

So sit on it and spin, Geithner -- you and the Reserve Jackwagon you rode in on.

" Uhhhh, that's not ours either! "

---Weiner, Obama, Perry, Geithner, Pelosi, Frank, Pritzker and Associates, LLLP.

[mewzilla]

IMF’s Borges Says Situation With Dexia Is a ‘Special Case’

[mo]

“It’s all about Government power and control.”

they are corralling all the cash flow in the country to the FEDS.

Think of the FEDS acting as “collectors” to our creditors and it starts to make a little more sense.

[Maceman]

I was at a credit card industry conference a few days after the Durbin Amendment was introduced in May of 2010.

The whole conference was in a panic about it, as Durbin’s stupid interference rendered the existing business models unworkable. Nobody had any idea how the card business would adjust.

One particularly egregious aspect of the Durbin Amendment was that it called for retailers to play different fees according to their size.

Durbin has no clue about the technical processing infrastructure that underlies the card system, and many were stunned about this “tiered rate” rule, which was seen to be an impossible nightmare in terms of the changes it would require to the electronic card processing infrastructure.

By the way, I don’t make my living in the card industry. I was only there because I was doing a study of it for a client. But it was amazing to see an entire industry thrown into turmoil by a stupid law that served no purpose. People at the conference were really disturbed.

[mewzilla]

BTTT.