Is Sen. Dick Durbin irresponsible, or the most irresponsible member of the entire US Senate? His own amendment to the Dodd-Frank “reform” led directly to banks like Bank of America making the decision to start charging customers $5 a month for debit cards. Durbin did this. It’s his fault, and not only will Durbin’s amendment cost bank customers more money, it’s likely to lead to job losses among the banks themselves.
Durbin’s reaction? Call for customers to leave Bank of America en masse. A bank run. Which should go just swell with an economy that’s already teetering. Yes, let’s go ahead and destroy the largest bank in the country.
“Bank of America customers, vote with your feet, get the heck out of that bank,” Durbin said on the Senate floor. “Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day. What Bank of America has done is an outrage.”
Durbin said consumers are rightfully outraged about last week’s announcement.
“It is hard to believe that a bank would impose such a fee on loyal customers who simply are trying to access their own money on deposit at Bank of America,” he said. “Especially when Bank of America for years has been encouraging their customers to use debit cards as much as possible.”
I’m all for punishing those responsible for this. But “those responsible” starts with Dick Durbin, along with Chris Dodd and Barney Frank. Why is Durbin singling out Bank of American here? They’re not the only bank considering jacking up debit card fees in direct response to his amendment, they’re just the first to announce. It looks like Durbin is pulling an Alinsky play, picking, freezing and polarizing a target — in this case, to distract from his own starring role in this government-created inflation of banking fees.
Do you want to hear something crazy/frustrating in all this? Here goes. The Occupy Wall Street hipsters will need to access mom and dad’s money pretty soon to buy another round of fair-trade coffee and vegan donuts to feed their tent mates. If they ever see the debit card fee hike, they’ll blame it on eeevil bankers, whom one of their kindred spirits wants beheaded. But it’s not the bankers who jacked up the fee. It’s one of the Democrats who, in all likelihood, the hipsters think is just a terrific guy. If they have any idea at all who he is.
(h/t Hot Air)