Financial Regulation's Final Step, to gouge more the consumer

Yes the financial reform is in its finals steps, but is not what the American consumer may think or hope for.

See congress is so much into corporate pockets that they don't even care who they are to step on in order to reap the benefits of corporate handouts.

This is what is been heading our way, more and higher fees and to bend over for big banks.

According to the Retail Industry Leaders Association, the nation’s big banks and credit card companies have spent over $50 billion this Congress lobbying members against the Durbin-Welch amendment, which would limit debit card swipe fees on small businesses.

Can I say stick it to the consumer while bending over?.

The U.S. currently pays higher swipe fees than any other nation in the industrialized world and the rates have tripled in the past decade.

“The United States is where individuals and merchants pay the highest credit card fees and debit fees in the world,” Rep. Peter Welch (D-VT), a co-sponsor of the amendment said.

Yes is nice to see how the too big to fail that forced us the tax payer to bail them out is paying back for the favor Bend over America they are not finished yet.

The Associated Press found numerous potential conflicts of interest among members of both parties involved in the negotiations over the financial reform bill.

Both the chairman and the ranking minority member on the Senate Banking Committee - perhaps the most important in shaping the legislation - have vested financial interests in the bill.

Look at the whores selling US consumer rights for money interest.

Sen. Chris Dodd’s (D-CT) wife sits on the board of CME Group Inc., which is the world's largest futures and options exchange. The group has spent $2.9 million lobbying Congress in the past year-and-a-half.

Sen. Richard Shelby (D-AL), owns a title company, which could be put under the regulatory umbrella of a new consumer protection agency under the terms of the bill.

Republican Reps. Shelly Moore Capito (WV) and Darrell Issa (CA) and Sen. Judd Gregg (NH). On the Democratic side are Reps. Carolyn Maloney (NY), Maxine Waters (CA) and Nydia Velazquez (NY).

Can somebody tell me where in this nation can we find honest politicians to help the America tax payer in the nation.

The fat rats are all embedded in our own government.

www.economyincrisis.org...

I am confused by one little thing lol.

Why the hell would a company waste $$$ on lobbying Congress if their entire board of directors is packed full of Congressmen???

Are they seriously this dumb? Or am I missing something...

The history of debit cards is barely 20 years old at this point. That means that 20 years ago people were not using debit cards to pay for goods and services. Why people are going into a cashless society is beyond me. Paying cash for goods and services is not that cumbersome and really not a burden. Certainly not nearly the burden as was just described in the O.P.

The only way to get the banking institutions reigned back into control is to stop doing business with them. It is that simple. I understand that more and more stores and shops are moving away from cash, but this is only because the vast majority of people have agreed to debit cards, and worse, credit cards. Debt is slavery. Why are people so willing to be in debt with banking institutions they clearly revile? Better to dance with the devil you know than the devil you don't? I would suggest that most people can still remember a time when they paid by cash, and if we must dance with devils, I would further suggest that using cash only is the better dancer.

Take your money out of banks, and if you can, don't even do business with smaller banks or even savings and loans. Pay by cash only, and if enough people start doing this, then watch how quickly the banks will begin offering lower to no fees at all for the use of debit cards, and if the people are smart they won't fall for it, and keep pressuring Congress to destroy the Federal Reserve and begin printing and coining money just as the Constitution mandates they do. If people refuse to do business with banks, then there just isn't any excuse for a Federal Reserve. Let the banks go under. Let the banking cartels play their games. It is rare that doing what is right is also the easiest thing to do. Who cares? Do what is right anyway, because doing what is wrong sure is hell isn't making it easy on most of us, we may as well do what is right.

I don't get it either, this fat rats are paying billions in lobbying darn I chose the wrong career I should have become a politic whore I would have been a billionair by now.

Another thing that I don't get is how come people are not aware of all this.

I am telling my husband that we need to stop the use of debits and start writing checks again.

Right now the paperless bills are been promoted for easier and better for the "environment" and to further get the agenda of having people rely on the net to pay bills.

I want my paper back

I have not order checks in years, now I am back to checks again.

reply to post by marg6043


As far as a paperless society being better for the environment, this is a dubious argument at best. Electricity is required to run computers, and there is still paper being used anyway. People have been relying on some form of paper for thousands of years. Indeed, the Constitution for the United States of America is written on hemp! Oddly, hemp is an "illegal" product in the United States, or at least it is illegal to grow hemp in the United States.

I understand the convenience argument as well, but it seems to me that cattle find their existence rather convenient on the farm...all the way up to the moment of their slaughter, then suddenly they change their minds.

reply to post by Jean Paul Zodeaux


I still amazed at how we have come to the point we are now, we have more plastic in our wallets than actually cash.

I guess the next step forcing the consumer to fall for the plastic after giving the finger to the banking system will be banning any paper money in the nation.

Darn actually is places that will not take cash and neither checks.

reply to post by marg6043


If people are willing to take this, then they get the government they deserve. If people are no longer willing to take it, and act accordingly, it will not matter what the government tries, and certainly businesses that act as if they are government agents, attempting to force people to eschew cash for plastic cards, will go under, if the people refuse to acquiesce. This nation was founded on non-acquiescence. If this nations falls, it will be because the people chose to acquiesce.