It’s time we come recognize the people who are making a difference in our lives. In this case, it’s a negative difference, and while the banks are going to get blamed, the idea here is to give credit (or place blame) where it is due. Dick Durbin, D-Ill., helped to create the circumstance by which new Debit fees will be necessitated by banks to pay a new tax assessed against them under the Dodd-Frank Financial reform act. You should feel much better knowing that as consumers, you’re being “protected” by the machinations of big government. Of course, that the demagoguery they used to sell all of this, but now the sad truth is out: You’re going to pay more for the pleasure of access to your own money. Don’t complain. Thank Dodd, Durbin, Frank, and Obama.
Durbin’s Amendment to the bill was the cause. You’ve heard about Bank of America tacking on a $5/month fee to account-holders for debit card use? They won’t be alone, but it’s not because of pure profit-seeking whimsy. It’s the result of Dick Durbin, Christ Dodd, Barney Frank, and anybody who voted for the Financial Reform Act. Barack Obama signed it into law. Now, you need to understand that all of this is simply because they care about you, and wish to punish the “greedy bankers,” which is a notion that appeals to the absurd goons now protesting on Wall Street.
Be happy! This is your government at work. This is the change you hoped for, isn’t it? No? Ladies and gentlemen, this is an example of the whole problem with big government employed by demagogues who are simply making an appeal to dolts on the basis of class envy. This is the sick heart of the ideology of statism. People will blame Bank of America, but the truth is that this was done to you by the Democrats pictured above, along with a larger number not pictured in Congress who inflicted this upon you. Durbin actually had the nerve to urge people to dump the Bank of America.
Whenever we see politicians behave in this way, we should grab our wallets. There’s seldom a time when the costs they inflict on business won’t ultimately fall to us to pay. That’s a lesson all of the protesters on Wall Street and elsewhere ought to understand.