You want to hear something outrageous? A representative of American banking--I forget what his title was--had the gall this evening on the PBS News Hour* to claim that the outrageous new fee of $5 month the Bank of America is going to charge its customers for use of their debit card is to cover the increased costs of doing business brought on by the financial services reform bill of a few months ago. As if that bill had not been near totally gutted by the army of lobbyists that systematically carved any real reform out of the bill before it passed. That so-called reform is useless, but it certainly can be used by these miserable bankers to extort more millions out of the pockets of middling Americans.
The gall of these people! This is just another money gouging move by the most shameless gang of thieves on the planet. Think about it. A $60 a month fee for simply using your debit card, even if you use it only one time during the month. These are the people who nearly brought the world to its knees a couple of years ago, were bailed out with hundreds of billions of dollars from the taxpayers. These are the people who may yet, given the financial crisis in the European Union, bring the world to its knees anyway. And they sit there with a straight face and claim that this unconscionable fee is simply to cover the actual costs of debit card transactions.
Don't believe it. These people would not know the truth or tell it under any conditions I can imagine. But they don't have a worry in the world. People will supinely accept this latest outrage without a peep, and half the country, composed 99 percent of people who are dancing the bank's tune without protest will defend the bankers. Not like the Irish. They know all about bankers. If you missed it before, you should really go listen to what one of them had to say about the banking profession not too long ago. See my entry, "A Representative Irishman." What he said then is still true, what he said then has been true for 30-40 years at least.
*Segment begins around 17:15
4 comments:
I had listened to the Irishman before, and what he says is still true.
Wanking bankers.
A huge piece of the retail banking model is fee driven. But to cover increased cost is backwards. It's to make up for lost revenue for Overdraft charges, pure and simple.
Yeah, Stu, that makes sense. No matter how you explain it, it simply means continuation of practices that produce obscene profits.
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