Tuesday, November 29, 2011

Democrats attack the banks and consumers pay for it

The Democrats following their politics of envy, class warfare, and politics of division, while in control of both houses of Congress passed legislation in 2010 mandating merchant debit card fees. Banks charged merchants 44 cents per debit card transaction. The legislation passed by Democrats and signed by our Democrat President (President Obama), reduced this fee to .22 cents.

The Dodd-Frank bill by Democrat Senator Chris Dodd from Connecticut and House Representative Barney Frank, Democrat from Massachusetts passed in 2010 while Democrats controlled both houses of Congress. Both houses led by Senator Harry Reid Democrat from Nevada, and Representative Nancy Pelosi, Democrat Representative from San Francisco, California.

This legislation hurts the consumer while benefiting big business in retail. As of October 1 their cost of doing debit card transactions were reduced, yet prices were not reduced. The fees paid to the banks were reduced causing banks to raise fees in other areas to be paid by the consumers. Basically the consumers lost because they have higher bank fees in some areas, while no reduction in prices at the stores saving money because of this legislations.

Unintended consequences caused once again by liberals and Democrats. Never judged them on the consequences of their actions, as long as their intentions were good. Phooey! Another example proving the title of Doctor Michael Savage’s book: “Liberalism is a Mental Disorder.”

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