I guess this from Bloomberg should come as no shock, really….
A bipartisan group of U.S. senators is drafting legislation to delay debit-card “swipe” fee rules that banks say would cost them billions of dollars, according to two Senate aides with knowledge of the plan.
Senators Jon Tester of Montana and Tom Carper of Delaware, both Democrats, are working on the bill’s language with Senator Bob Corker, a Tennessee Republican, according to the two aides who requested anonymity because the talks aren’t public.
The Federal Reserve proposed capping debit-card interchange fees charged to merchants at 12 cents per transaction under a Dodd-Frank Act requirement to align them more closely with the processing costs. A bill to delay the measure, which may come this week, would be the first legislative attack on a rule that could cost lenders including Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) as much as $12 billion in annual revenue.
“There’s no question legislation is being looked at,” Corker said in an interview. “The question we’re dealing with now is, what’s the best way of approaching this issue?” The lawmakers discussed the shape of a bill on the Senate floor last night, Corker said.
Opponents of the rule have found supporters in Fed Chairman Ben S. Bernanke and Federal Deposit Insurance Corp. Chairman Sheila Bair, who questioned a provision exempting banks and credit unions with less than $10 billion in assets, saying it may have the unintended consequence of harming smaller lenders.
So, yet again, those who can pay for legislation, get legislation.
I’m going to post this chart until everyone gets it through their heads.
This is now a fully-closed system. You are not a part of it. I don’t care if you are left or right or Republican or Democrat, conservative or liberal or red-white-and-blue striped – YOU ARE NOT PART OF THE SYSTEM ANYMORE. Government of The People, by The People and for The People is history. Kaput. Gone. Fini.
What, it’s been all of two months since the Republicans were supposed to rescue us all? Yet, just like the Democrats before them they are doing the work of those who put them into office – but I do not refer to the voters – I mean those that paid for their campaigns. Republican = Democrat = Members of the Oligarchy, funded by those with very deep pockets, especially the banks. You remember? Those entities that we are continuing to fund with our taxpayer dollars, lest everyone find out that they are really insolvent. Yes. Those banks.
There is no rule of law; no equal protection. Laws apply only to the ‘little people’ while the people who can fund legislation (lobbyists, big corporations, banks on Wall Street), get exemptions. They write laws that allow them to commit criminal acts – legally. They get to elminate usury laws. They can charge exhorbitant fees. They can force you to purchase things against your will. They can skirt taxes. They can somehow dodge criminal prosecution for direct (on tape) perjury before Congress itself. They can foreclose on homes they do not have legal rights to. They can even frighten Congress so badly that they will pass legislation to fund a revolving line of credit with no limits upon the heads of every American Taxpayer (TARP).
However, perhaps most grievous of all, they can ‘print’ money by purchasing our own debt, thereby devaluing our dollars, and resulting in the massive price inflation in commodities (you know, goods you NEED to buy), at the same time depressing our wages, while simultaneously collapsing our asset values (homes, fixed income pensions) AND the margins of the small, businesses that provide for our production and our employment (but which are not wealthy or big enough to fund legislation). And why all the money printing? Refer to aforementioned ‘insolvent banking institutions’ that…..pay for legislation favorable to them, and catastrophic to you. Wash, rinse, repeat.
I’ll say it again: YOU ARE NOT PART OF THE SYSTEM ANY LONGER.