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Thread: The American Consumer Wins By Dismantling Dodd-Frank

  1. #1
    INGSOC GURPS's Avatar
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    The American Consumer Wins By Dismantling Dodd-Frank

    Senate Majority Whip Dick Durbin (D-IL), who introduced the amendment just after the height of the financial crisis in 2010, boasted in an official Senate statement that his bill would give “customers a real chance in the fight against the outrageously high ‘swipe fees’ charged by Visa and MasterCard.”

    “By requiring debit card fees to be reasonable, and by cleaning up Visa’s and MasterCard’s worst abuses, small businesses and their customers will be able to keep more of their own money,” Durbin continued, before claiming that his legislation would “restore common sense and fairness to this broken system.”

    In the seven years since the amendment’s passage, Durbin’s pet project has wreaked havoc on the American consumer. According to a study by George Mason University, retail prices did not drop after the Durbin Amendment was introduced; instead, it has cost low-income and minority consumers over $8,000,000,000 annually in additional fees.

    The Durbin Amendment imposed government price controls on "interchange fees," which are the fees banks charge retailers for debit and credit card transactions. His amendment was backed by large retail lobbyists, who profited from the reduced retail fees at the expense of banks. After Dodd Frank’s passage, banks passed those costs along to consumers by raising ATM fees, penalties, and more.




    The American Consumer Wins By Dismantling Dodd-Frank
    Never attribute to malice that which is adequately explained by stupidity.
    - Robert J. Hanlon.

    “There is a deeply anti-democratic undercurrent to much of the criticism of the new president, borne aloft by an assumption that democracy is too important to be left to the voters.”

  2. #2
    Registered User PeoplesElbow's Avatar
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    Really think the banks are going to get rid of these money making fees now?
    If what I say offends you then you really don't want to hear what I keep to myself.

  3. #3
    The true stupidity is the fact that these morons thought the money saved would actually go back to the people.
    Quote Originally Posted by Larry Gude View Post
    I post stupid #### all the time.

  4. #4
    If I may ...

    Quote Originally Posted by PeoplesElbow View Post
    Really think the banks are going to get rid of these money making fees now?
    There is no money. Just pretty pieces of printed paper, and digital ones and zeros masquerading as money in an account bank ledger. There hasn't been real money in circulation since 1964 when silver was taken out of our coinage.
    If the military wanted you to have a spouse, or family, they would have issued you one.

  5. #5
    Registered User PeoplesElbow's Avatar
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    Quote Originally Posted by LightRoasted View Post
    If I may ...



    There is no money. Just pretty pieces of printed paper, and digital ones and zeros masquerading as money in an account bank ledger. There hasn't been real money in circulation since 1964 when silver was taken out of our coinage.
    If what I say offends you then you really don't want to hear what I keep to myself.

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