Friday, September 30, 2011

Obama Hands Republicans a Weapon | The Blog on Obama: White House Dossier

Obama Hands Republicans a Weapon | The Blog on Obama: White House Dossier:

Thanks Sen. Durbin.
As anyone with a three-year-old knows – except President Obama and Sen. Richard Durbin (D-Ill.), his closest Senate ally – taking something away from people is a lot worse than not giving it to them in the first place.

People just love to use the debit cards for free, but the Financial Wrecking Ball Reform Bill the Democrats passed and Obama signed now limits the fees banks can charge businesses when the debit cards are used in their stores. So they’ll be passing their new costs onto consumers by charging for use of debit cards and trying to steer consumers into using credit cards, which are more profitable – and which BTW promote less responsible spending and more borrowing, which is supposedly what government is trying to limit.

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