Saturday, October 8, 2011

Gouging banks: a good focus for Occupy Wall Street

Posted By on Sat, Oct 8, 2011 at 7:12 AM

NEW FEE: Bank America debit card fee raises ruckus.
  • NEW FEE: Bank America debit card fee raises ruckus.
Joe Nocera reviews (link corrected) Bank America's gouging decision to impose a $5 monthly debit card fee. Blame it on deregulation. Blame it on greed. But don't expect fee-gouging to go away.

And they wonder why people are mad at Wall Street. The Republican messaging machine — oiled with Koch money — could harness that ragtag, but spreading Occupy Wall Street demonstration into something potent. Tax millionaires. Harness the banks. Provide health care like the rest of the developed world. (Not that the Repubs would ever countenance such messages; they just know how to do it.)

Writes Nocera:

President Obama got it right the first time: Banks don’t have an inherent right to oversized profits. No industry does. Banks play a special role in society, and they get special protections from the government. In return, government has the right to impose special responsibilities.

Every person needs a bank, no matter how rich or poor. The government will never force Bank of America — or any other bank — to reduce or eliminate its fees; it doesn’t have the nerve. But, at the least, it could insist that banks display their fees in a uniform way so that customers can compare how they’re being gouged and make banking decisions on that basis. That kind of reform could stir competition and bring down fees.

This, of course, is precisely what the new Consumer Financial Protection Bureau is supposed to do — and would do if the Senate Republicans would ever allow a director to be approved.

Speaking of debit card fees: I heard a new theory for a partial explanation of the financial shortage of the Arkansas state fund — financed by court costs — that pays for some state court salaries. Some locales have noticed a drop in fees from hot check courts. Are there fewer hot checks because of the growing ubiquity of the use of debit cards?

Tags: , , , , ,

Favorite

Speaking of...

Comments (21)

Showing 1-21 of 21

Add a comment

 
Subscribe to this thread:
Showing 1-21 of 21

Add a comment

More by Max Brantley

Readers also liked…

  • Dexter Suggs resigns as Little Rock school superintendent

    This just in from state Education Department: Today, Commissioner Johnny Key reached an agreement with Dr. Dexter Suggs that resulted in Dr. Suggs’ immediate resignation as superintendent of the Little Rock School District.
    • Apr 21, 2015
  • Lawsuit filed over settlement in forum-shopping class action case

    The lawyers facing disciplinary action by federal Judge P.K. Holmes in Fort Smith over their settlement of a class action lawsuit against the USAA insurance company have a new legal headache.
    • Jun 21, 2016
  • More legal headaches for Dexter Suggs

    Dexter Suggs may have cleared out his office before the workday began today, but he still has lingering legal matters as defendant in lawsuits against him and the state.
    • Apr 21, 2015

Most Shared

  • World leaders set to meet in Little Rock on resource access and sustainable development

    Next week a series of meetings on the use of technology to tackle global problems will be held in Little Rock by Club de Madrid — a coalition of more than 100 former democratic former presidents and prime ministers from around the world — and the P80 Group, a coalition of large public pension and sovereign wealth funds founded by Prince Charles to combat climate change. The conference will discuss deploying existing technologies to increase access to food, water, energy, clean environment, and medical care.
  • Tomb to table: a Christmas feast offered by the residents of Mount Holly and other folk

    Plus, recipes from the Times staff.
  • Fake news

    So fed up was young Edgar Welch of Salisbury, N.C., that Hillary Clinton was getting away with running a child-sex ring that he grabbed a couple of guns last Sunday, drove 360 miles to the Comet Ping Pong pizzeria in Washington, D.C., where Clinton was supposed to be holding the kids as sex slaves, and fired his AR-15 into the floor to clear the joint of pizza cravers and conduct his own investigation of the pedophilia syndicate of the former first lady, U.S. senator and secretary of state.
  • Reality TV prez

    There is almost nothing real about "reality TV." All but the dullest viewers understand that the dramatic twists and turns on shows like "The Bachelor" or "Celebrity Apprentice" are scripted in advance. More or less like professional wrestling, Donald Trump's previous claim to fame.
  • Arkansas archeologist does his job, is asked to leave

    Amid Department of Arkansas Heritage project.

Visit Arkansas

View Trumpeter Swans in Heber Springs

View Trumpeter Swans in Heber Springs

Magness Lake, in Heber Springs, is a magnet for swans

Most Viewed

Most Recent Comments

Blogroll

 

© 2016 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation