Wall Street Banks: Making Enemies Everywhere
In a post a few days back, I observed that the big Wall Street banks were in for a fall because they had become so arrogant in their power and wealth. One example of this is on the swipe fee issue, where their over-the-top market manipulation and hyper-aggressive political tactics are ticking off not just old progressive populists like me, but a lot of the rest of the business community. Small retailers, grocers, restaurant owners, gas station owners, and cabbies have become incensed the way these banks and their credit card companies charge exorbitant swipe fees and will not negotiate on the matter. I have started working with retail business groups on this issue simply because I’d much rather see these Main Street business folks get more of the $48 billion going out the door in swipe fees than the big banks that control more than 80 percent of the market. This issue is likely to come up for a vote within days in the Senate, so raise some hell.
Here’s a new Web ad an organization I chair, American Family Voices, just put up that does a great job of talking about this issue from the small business point of view. Check it out:
Over the weekend, I wrote about an ad on the Clean Air Act that AFV had just put up. Yesterday, I wrote about the Social Security and Medicare issue. While these are very different issues in one way, they all have the one thing in common: they are about attacks on the American middle class. Wealthy special interests, along with their allies in Congress and the right-wing flacks like Glenn Beck that defend them (have you seen Beck’s high-pitched whining over the last week about the outrageous idea that people might actually want to take to the streets to challenge Wall Street on foreclosures?) want the ability to run roughshod over the American middle class — even if it means poisoning your kids, telling your Grandma she’s just going to have to get by on less, or taking money out of the pockets of consumers and struggling small businesses on every credit/debit card transaction. Washington is dominated by these behemoths, so even when standing up for policies that so obviously benefit the vast majority of middle-class Americans, it is difficult to fight them.
These Wall Street banks are the worst of the special interests. It is not enough to have crashed the entire world economy with their speculative bubbles and financial fraud; it is not enough that in their determination to continue to manipulate their books and inflate their assets they are foreclosing on millions of homeowners rather than writing down their mortgages; it is not enough that they fight tooth and nail against every tiny little bit of oversight that sensible folks want to place on them; it is not enough that the six biggest banks already own assets equaling 64 percent of our nation’s GDP. None of that wealth, power, and hubris is enough for them. They also want to gouge every mom-and-pop businessperson who wants to let customers pay for things with a credit or debit card.
The first step in restoring the American Dream is to take these arrogant Wall Street guys and other wealthy special interests out of the temple of our government. .
Mike Lux is the President of American Family Voices.






the halls of congress, the white house and the SCOTUS
How Wisconsin Could Turn Austerity into Prosperity: Own a Bank
http://www.commondreams.org/view/2011/03/07-9
7 ways state-owned banks could help states overcome budget deficits and boost their local economies.
http://www.commondreams.org/view/2011/03/28-7
How Cash-Starved States Can Create Their Own Credit
http://www.commondreams.org/view/2009/03/04-12
The Secret of Oz. ~ 2010 Documentary
http://www.youtube.com/watch?v=swkq2E8mswI
"Great minds discuss ideas; average minds discuss events; small minds discuss people." ~ Eleanor Roosevelt
Tax the Super Rich now or face a revolution
Commentary: A ‘Super-Rich Delusion’ is leading us to ruin
http://www.marketwatch.com/story/tax-the-supe...
I almost favor the revolution - if we tax the super rich now - it will be too little too late IMHO
"I know that there are people who do not love their fellow
man, and I hate people like that! " ~ Tom Lehrer (1928 - )
i support the revolution:
and to help it win, i would encourage those
who want to and especially those with bad credit
from a bank's greed to just not pay their bank loans
or bank credit cards for at least three months in a row.
i guarantee the banks will be forced into being more
flexible. i know this is not what some would call ethical,
but then is being robbed by the bank and/or bank credit
cards MORAL either?
fuck the banks...just got to plan a head a little,them being in va. and i live in az....
....the fools do not realize,a population that can ,..... not paticipate .............in the 'economy'...,can not keep it viable!..........."we are listening,.......and we're not blind.,......this is your life....this is your time."
I could never understand how much and put up with credit card fees in the first place , as a merchant here I am lending the credit card money and they charge me for the privilege of that lol
how the hell do I pay them for the privilege of lending them money
Because you will be waiting in vain. Help yourself. Stop using your credit/debit card. Use cash. You will be striking back at the large banks who are bankrolling the republicans and are helping to destroy the middle class. You will also be helping the small business man. Boycott the big banks.
They could not care any less , no conscience , no shame , just so they're making every nickle possible , that's all they care about . Time to start using cash only .
Does this apply to debit cards issued by local Credit Unions as well... I don't get charged a fee for using my debit card, does my coffee shop?
The fee's are paid by the retailer.
I work somewhat closely with the credit card companies ... the brands, the banks, and the processors, but I don't work for them. Having that kind of proximity to the card brands, however, has allowed me to understand some of the decision-making processes that result in transaction fees.
The reality is that transaction fees are, for the most part, determined based on the associated risks of accepting transactions. The card brands charge the banks and processors, and the banks and processors pass that charge to the end-merchants. The simple fact is that fraudulent transactions, transaction reversals, and charge-backs all have an ultimate cost to the card brands, the banks, and the processors. Merchants are generally (though not always) charged based on the risk they pose to the transaction switching networks, and smaller merchants are generally representative of a much higher risk.
This is not to say that there isn't any gouging of merchants going on, because I'm sure there is. But to assign the current state of transaction fees to pure greed is a bit disingenuous. Many, many merchants do not care about or bother to take reasonable precautions to safeguard transaction data, especially smaller merchants which represent the largest sector where transaction data is compromised.
Who paid for the ad? Any of the money go to your consulting firm? Where would this be reported?
TFR
fdr did something to the effect during the depression where the fed took control of all the banks and used the banks influence to raise money for creating some of the new deal projects which put people back to work, also, fdr imposed reasonable regulations to keep the banks from exploiting the working poor and small business startups to insure that growth was not curtailed by wall street greed. Everything, in short, that this president has not been willing to do.
wem
"Bank robbery" has an entirely new meaning in the 21st century.
and sadly so. :(
Stop using credit cards. It can and should be done.
BTW - Boehner has quite the nerve getting angry when everything is his and the republican's fault. He is a useless, clueless, cry-baby ass-clown. Republicans - what an embarrassment.
"Government by organized money is just as dangerous as Government by organized mob"
-= Franklin Delano Roosevelt =-
Use cash. Tell your customers that you would like cash. Tell them they will save money. slowly, slowly we can change this back to cash.
who used cash.
Thanks for the fight, Mike. But, tell your director and cameraman to back off on the constant motion camera. I got seasick trying to follow not only the actor, but the point.
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