What do bankers and agents of government have in common? For the most part, they are middlemen acting on someone else’s behalf. This is what makes them competitors. At least, according to the banksters. They see the public purse as a pot of money and they want a part of whatever falls out, when the strings are loosed. Dodd-Frank is an effort to limit how much they can claim.
Tom Udall, Senator from New Mexico, explains:
It ain’t pretty, but it is good to know that fees banks can charge on debit cards range from 21% to 23%. That’s Dodd-Frank at work. The banks used to charge over 30% — a transaction tax. Who knew?
And still Warren Stephens is bleating about “credit allocation” by the feds. That’s ‘we the people,’ whose money the banks are hoarding until ‘we the producers’ are brought to heel and agree to work for next to nothing. We are the feds.
Remember the publicity that muggers used to get? If one were into conspiracies, one might almost think muggers were paid to ply their trade to persuade us not to use cash.
If you spend a thousand dollars a month on food and gas and incidentals using a debit card, that’s $210 to the bank. Imagine that!