Posted on 02/20/2024 2:07:12 PM PST by ChicagoConservative27
A proposed Capital One-Discover merger drew swift backlash from some Democratic lawmakers and consumer advocacy groups who say the deal could reduce competition and increase fees and costs for consumers.
“With a merger this size, the regulators need to ensure our financial system remains strong and competitive, so that consumers continue to have access to safe, affordable financial products and services,” said Senate Banking Committee Chair Sherrod Brown (D-Ohio).
“A rubber-stamped merger that makes powerful financial companies even bigger and more powerful will do nothing for families,” he added.
Capital One announced Monday that it would acquire Discover Financial Services in a $35.3 billion, all-stock deal. The deal could close as early as late 2024, pending approval from regulators and shareholders of the two companies.
(Excerpt) Read more at thehill.com ...
Where is the enumerated federal power in the Constitution to “bust trusts”?
Or are we leftists and like to give the govt regulatory fangs never intended by the Founders?
“Democrats blast ‘dangerous’ Capital One-Discover merger”
Likely because it gives DEADBEATS less options to game the system.
Well within the commerce clause.
Silly knee-jerk response. The Democrats might be right on this. Such mergers is how companies become "too big to fail."
Today they merge. Tomorrow they'll require a bail-out, or take down the whole financial system.
The Democrats also opposed to Reagan's media deregulation in the 1980s. Reagan won. And so film studios and TV networks merged, and radio groups went from owning at most 14 radio stations to owning 100s, decreasing independent voices in the media.
That wasn't a good thing either.
In other words, someone has got to pay up.
Pocahontas to the rescue!
Some day everything is going to merge. It will all be owned by the government.
Thank you.
This paper proved my point.
It’s not in the Constitution.
If the Founders really, really hated the East India Trading Co. they’d have empowered the govt to bust it up. They didn’t.
Therefore anti-trust power at the Federal level should not exist.
Leftists infer all kinds of hideous governmental “rights” from the Commerce Clause, that were NEVER part of the Original Intent.
The only way the govt is empowered to bust “trusts” is if you believe in a living, breathing Constitution.
We’ll see how that plays out when there’s only one bank left. President Reagan saw it differently.
Was Discover started by Sears? I recall that my Sears credit card was changed to a Discover card.
Who uses Discover cards these days? I’ve done a couple part time retail gigs and can’t recall ever seeing one offered for payment. I don’t wish to do a search for an answer since I likewise don’t want to see popups for new cards every thirty seconds.
What’s in your wallet? Just a credit card from Visa.
What’s in your wallet? Just a credit card from Visa.
I paid for our dinner tonight with Discover because they have a special restaurant cash back this month.
When I was running my business, we stopped taking Discover payments because the costs to us were higher than Visa / Mastercard after about 5 years. Didn’t want to do it but most people savvy enough to carry a Discover card also carry a Visa /Mastercard backup.
I’ve had more places not accept my company AMEX card than my discover card.
I totally agree. I call them Demonicrats, because I was figuring out difference between Demonrat and Democrat. I realized no c - then DemonicRat popped into my head.
Well, you ding dongs and your GOP collaborators created this situation in which lots of people to into unsustainable credit card debt in order to LIVE, and now you’ll prevent a merger that will help the two companies to survive the crisis.
Dumbocrats are Communists.
Discover, Visa and Master Card are credit processors. Capitol One is a bank. That is why your Capitol One card has the Master Card logo on it.
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