Saturday, July 17, 2010

About that Finance Bill that Webb and Warner Helped Pass...

from HotAir
Expect more fees on more transactions, including paying premium prices for doing business face to face with bank tellers and other employees. Banks will start demanding higher minimum balances and start charging higher fees on accounts that don’t make the cut. Bank of America will lose between $7 and $10 billion just on charges for debit and credit cards alone, money that will get made up by its customers somewhere.

In short, the bill will erode consumer buying power, harm retirement accounts that rely on the performance of financial institutions, and create more unemployment. What exactly did we get in return for all of this? An expansion of the regulatory bureaucracy that spent more time watching porn than protecting consumers the first time around

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