Just got schooled about Bank of America dropping the $5 fee

[AmericaIsGreat]

An old, conservative gentleman just explained to me that this is all thanks to Frank-Dodd, and that it's going to lead to BoA having poorer company performance, which will lead to a lower stock price, which will lead to slowed hiring and eventual layoffs.

We should be letting BoA charge a $100 fee. I mean, geez, can you think of all the JOBS that will create?

[DearAbby]

1. Why don't we pay them to hire us

:eyes: The length they will go to protect the wealthy, talk about brainwashed.

[Skip_In_Boulder]

5. Why should they hire us?

They already own most of us. #banktransferday

[Sarah Ibarruri]

2. BoA can kiss my bootie. I'm leaving them behind soon. nt

[dkf]

3. It used to come out of the merchants. Now it will come out of the user.

[ieoeja]

22. Most point of sale software today automatically check to see if it is debit instead of credit.

If you *do* have the choice yourself, and you use it as a credit card ... then, yes, they charge the seller. However, if you use it as a debit, or the POS software simply forces you to enter a PIN, then the seller is not charged.

The seller is assuming a portion of the risk that the buyer may not pay a credit card loan. There is no such risk with debit cards.

[dkf]

26. Sure there is a risk with debit cards...fraud.

[ieoeja]

27. Less risk then. Anyway, the point is that they did not charge merchants for debit card use. n/t

[CarmanK]

4. Incredible, these old geezers believe this Reagan crap, still!!

Old age is supposed to be a gift, but with old geezers like this, who needs the crap. See how ingrained the lie is. No wonder Hitler was able to get away with what he did. People believe, then they want to believe, then they don't want not to believe. So, they hang onto lies no matter distorted or harmful.

[abelenkpe]

29. Poll: For economy fix, Americans pick Reagan over Roosevelt

Poll: For economy fix, Americans pick Reagan over Roosevelt

http://news.yahoo.com/poll-economy-fix-americans-pick-reagan-over-roosevelt-164905667.html;_ylt=AsgDRmYfFZB_eF5FkANmLgas0NUE;_ylu=X3oDMTNqZWhldDhwBGNjb2RlA2N0LmMEcGtnAzc0MzBkN2ZhLWY2MWQtMzRiNy1iM2IzLWJkNWE1MmExMTAxYwRwb3MDMgRzZWMDbW9zdF9wb3B1bGFyBHZlcgMzZWQ3NzIxMC0wM2UwLTExZTEtOTczZS1iYmYyYTFhMjA2YmM-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

Ronald Reagan beat out Franklin Delano Roosevelt as the former president Americans would like to see in the White House during these trying economic times, a new 60 Minutes/Vanity Fair poll finds.

Thirty-six percent of those polled said they wanted the Gipper to lead America out of the economic crisis, while 29 percent picked Roosevelt. Thomas Jefferson came in third place with the support of 14 percent of those polled, followed by Roosevelt’s successor Harry Truman at 8 percent.

(more at link)

-------------------------------------------------------------------------------------------------------------------------------------------------
Clearly those polled were idiots.

[leftynyc]

32. Or they like tax hikes

Cuz he raised them almost a dozen times.

[KurtNYC]

6. oh the humanity !

[banned from Kos]

7. It is because of Dodd-Frank -- but there is a CORRECT way to handle the wingnuts

"The debit fees are now out in the open, Mr. Wingnut. They used to be hidden.

Which do you prefer as a consumer? Hidden fees or fees you know about?"

Any rational person will go to a bank that tells you how much they are charging you.

[randome]

8. Ask your conservative friend...

...if it wouldn't be possible for BOA to stop paying hundreds of millions of dollars in bonuses and salaries to its executives instead.

[AmericaIsGreat]

10. Of course not. That would lead to layoffs!

I mean, if they're not getting that money, they won't be as motivated to do their job, which will lead to poor company performance, which will lead to slowed hiring and eventual layoffs. Duh!

[randome]

12. Yeah, I guess to the conservative mind-set...

...everything leads to layoffs except shoveling more money to the corporations in the form of outrageous salaries or equally outrageous tax breaks.

Silly me.

[Johonny]

30. Then all the talented people would leave to join other banks

and you'd only be left with the untalented ones that caused the banks huge money problems that forced them to need to collect huge up front fees from costumers to cover their bottom line and make them appear profitable on wall street although much of their financial transactions were hugely negative. Wait the untalented ones are the ones that collect the huge million dollar salaries...

If you lose money running a bank, you are stupid.

[ixion]

9. Your old conservative gentlemen friend should take an economics course

because he's obviously lost touch with the basic, practical principles of macro economics.

[Enrique]

11. where did he hear that?

CNBC? :shrug:

[barbtries]

13. ignorance.

proud, willful ignorance.

[pacalo]

14. It was BofA's punitive answer to Frank-Dodd that put them in the spotlight & will be the

beginning of their undoing. Too bad everyone can see this but the baggers who apparently embrace corporate squeeze tactics out of greed & profits.

[The Backlash Cometh]

15. It would be easier to accept these lame explanations if they would

quit giving their top management multimillion dollar bonuses.

[JuniperLea]

18. They think we don't see that...

Or we don't look at that. Those people are DESERVING... they are ENTITLED.

We all now the squirming is to protect those bottom lines. Those cronies get their bonuses regardless of the bank's performance, so there has to be something left for the stock holders!

These are the true entitlements the GOP are worrying about.

[The Backlash Cometh]

21. At the bottom of what's going on is a definite belief from the 1%

and wannabe 1%, that they're different and more deserving than everybody else.

[Warpy]

16. It's also going to make it harder for the bank to eat those derivatives

from Merrill Lynch, a really underhanded and vicious move by the organization transferring them to a place where they have a chance of wiping out the FDIC in one fell swoop.

They thought charging their millions of depositors an extra five bucks a month would do it, that their depositors would hardly notice such a low fee.

They were wrong. Now the only thing to do is watch to see who wins the dead pool when they go under from Merrill Lynch's debts.

[JuniperLea]

17. It's all about their bottom line...

And they will stop at nothing to make sure they are profitable. Nothing.

It's not about doing the right thing, it's about twisting and turning and finding another way around regulations. That's why the Pubbies are always saying that the fees are BECAUSE of so much regulation, and we need to get rid of all those pesky regulations because the banks are being FORCED to find other revenue streams.

They are forced to be shitheads in order to make a profit. We are forcing them to be shitheads. It's all our fault. See how that works?

[Fire Walk With Me]

19. Of course. When these proven criminals get money, they use it to help people and the economy.

:rofl:

Saw a cartoon yesterday explaining trickle-down. Had a large bird on a single perch at the top of a pole. Beneath to its left and right are two slightly smaller birds. Beneath that, two to each side, even smaller. As you go down, the lower birds are more and more completely covered with bird droppings.

[sinkingfeeling]

20. My heart just bleeds for the poor banks! Since they're people too, I think we should

set up a nice soup kitchen just for them. Maybe find some folks to donate a few warm coats for the winter as well.

[ProudToBeBlueInRhody]

23. If they can't fuck you one way....

...they will fuck you another.

That's what "business" has become in America today.

[n2doc]

24. The old fool. This is capitalism at work

BOA tried to raise fees, found out people would move accounts because of said fees, and gave up in a business decision. Capitalism. I guess the old fool doesn't approve of the 'invisible hand of the market'

What isn't a free market is when all banks decide to raise fees together.

[JackRiddler]

25. It's a nice little piece of progress, but only the liquidation of this criminal organization...

counts as a win.

[abelenkpe]

28. B of A will have poorer company performance because it can't fleece it's customers?

That's the point. It's a company that couldn't stay in business if it had to mark to market it's assets or play fair so this conservative gentleman advocates a rigged market? For what? So that B of A's stock prices will remain high?

[abelenkpe]

31. Conservative OK with banks demanding more fees from customers

but y'know they'd whine like a two year old if the government asked the rich (which 9.9 times out of 10 doesn't mean them) to pay higher taxes.