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Obama Says He Can Stop Bank of America from Making 'a Certain Amount of Profit
FoxNation.com ^ | Oct 3 | Staff

Posted on 10/03/2011 2:04:07 PM PDT by JesseWatters

President Obama joined fellow Democrats in blasting a new fee on debit card users announced by Bank of America, arguing that banks do not have an "inherent right" to a certain amount of profits. The bank has come under a hail of criticism after it announced it would begin charging debit card users $5 a month, blaming the move on policymakers who curbed the amount of fees they could collect from retailers. "You don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated," he said in an interview with ABC News. "My hope is that you’re going to see a bunch of the banks saying to themselves, 'You know what, this is not good business practices.'"

(Excerpt) Read more at nation.foxnews.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: bankofamerica; boa; obama
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1 posted on 10/03/2011 2:04:12 PM PDT by JesseWatters
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To: JesseWatters

Reminds me of this Rand book...


2 posted on 10/03/2011 2:06:13 PM PDT by therightliveswithus
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To: JesseWatters

The Dick Durbin fee.

BOA should list it as such on people’s accounts.


3 posted on 10/03/2011 2:06:42 PM PDT by TheThirdRuffian (Nothing to see here. Move along.)
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To: JesseWatters

Did BoA not pay the monthly bribe, er, campaign donation to keep Obama off their backs.


4 posted on 10/03/2011 2:06:48 PM PDT by matt04
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To: JesseWatters

That transcript makes me sick. I hate BofA, but I completely support them in this. They have every right to do it, and I have every right to go to another bank. Once the government gets involved, rights have a way of vanishing. That is rarely a good thing.


5 posted on 10/03/2011 2:06:48 PM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: JesseWatters

How? By having your “anonymous” friends crash their web site?


6 posted on 10/03/2011 2:07:08 PM PDT by tpmintx (Problem: The people who work for a living are outnumbered by those who VOTE for a living.)
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To: JesseWatters
Padawan is learning.


7 posted on 10/03/2011 2:07:31 PM PDT by pogo101
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To: TheThirdRuffian

That would be hilarious.

And yes. Yes they should.


8 posted on 10/03/2011 2:07:31 PM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: JesseWatters
"You know what, this is not good business practices."

As if the jug-eared Bastard King knows anything about running a business...
9 posted on 10/03/2011 2:07:42 PM PDT by FortWorthPatriot (Obama is no Hitler; Hitler got the Olympics)
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To: JesseWatters
"This is exactly why we need this [CFPB]," the president said. "We need somebody whose sole job it is to prevent stuff like this."

We already have someone to put a stop to this. It is you, Obummer. Repeal Dodd Frank now and this all goes away.

10 posted on 10/03/2011 2:08:09 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: JesseWatters

He simply has to stop this foolishness. It will set up a major race/class/capitalism vs. socialism upheaval that will change this country no matter who is elected.

Of course, it will be much worse if a Republican wins. Just listen to Maxine Waters’ latest threat.......to be turned loose is too obvious to ignore.


11 posted on 10/03/2011 2:08:15 PM PDT by PeaRidge
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To: pogo101

That chick on the right has elf ears...


12 posted on 10/03/2011 2:08:57 PM PDT by FortWorthPatriot (Obama is no Hitler; Hitler got the Olympics)
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To: JesseWatters
Obama Says He Can Stop Bank of America from Making 'a Certain Amount of Profit'

BofA seems to be doing a pretty good job of that themselves, thank you very much.

13 posted on 10/03/2011 2:09:00 PM PDT by Thane_Banquo
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To: JesseWatters
The guy is an infant.

He has the mind of a two-year old.

14 posted on 10/03/2011 2:09:22 PM PDT by E. Pluribus Unum ("Government does not solve problems; it subsidizes them." --Ronald Reagan)
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To: JesseWatters

Uh, yes they do. While it isn’t a “right”, they can place any fees they wish on their card. However, customers have the choice of bending over for it or telling BofA what to do with the fee can move their account to another bank.


15 posted on 10/03/2011 2:09:21 PM PDT by bgill (There, happy now?)
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To: JesseWatters

Spoken like a true commie.


16 posted on 10/03/2011 2:09:48 PM PDT by Mariner (War Criminal #18)
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To: JesseWatters

Facism at its best.....


17 posted on 10/03/2011 2:09:58 PM PDT by Gaffer
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To: Gaffer

Fascism...


18 posted on 10/03/2011 2:10:33 PM PDT by Gaffer
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To: Mariner

Not to be pedantic, but this is more “fascist” than communist, where the government doesn’t take specific ownership of business, but lets private ownership exist only operating within rigid parameters in order to serve the state.

Obama, indeed, IS a communist at heart.


19 posted on 10/03/2011 2:12:21 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Thane_Banquo

Coming soon to any bank near you. This is a case of them collecting enough to cover their costs, with some profit. This thing called profit keeps them in business. When the fees show up everywhere, it will be much more difficult for him to play the blame game.


20 posted on 10/03/2011 2:12:23 PM PDT by Ingtar (I closed my eyes, only for a moment, and the moment's gone...)
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To: matt04

Are you suggesting Obama is an honest politician? What has he ever done to give you that idea?


21 posted on 10/03/2011 2:15:02 PM PDT by Mountain Troll (My investment plan - Canned food and shotguns)
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To: TheThirdRuffian
BOA should list it as such on people’s accounts.

Yup, BOA should specifically list it as the Durbin Fee and so should other banks.

22 posted on 10/03/2011 2:15:20 PM PDT by Longbow1969
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To: JesseWatters

Hey BARACK!

YOU don’t have ANY say in the matter of a companies profit!!!

THAT is the purview of the FREE MARKET!!!!


23 posted on 10/03/2011 2:17:28 PM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
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To: JesseWatters
"We need somebody whose sole job it is to prevent stuff like this."

Prevent stuff like this? BOA has every right to charge it's customers a fee, and people have every right to go find another bank or credit union. What other fees does Hussein believe banks should not be allowed to charge?

24 posted on 10/03/2011 2:18:33 PM PDT by Longbow1969
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To: FortWorthPatriot

He apparently doesn’t know a lot about subject verb agreement either.


25 posted on 10/03/2011 2:21:11 PM PDT by csmusaret (The only borders Obama has closed is a bookstore.)
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To: JesseWatters

Too Big To Fail BOA needs more government intervention until it becomes a completely government controlled bank.


26 posted on 10/03/2011 2:22:16 PM PDT by Razzz42
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To: JesseWatters
President Obama joined fellow Democrats in blasting a new fee on debit card users announced by Bank of America, arguing that banks do not have an "inherent right" to a certain amount of profits.

Oh yeah! Obama declaring that the heavy-hand of government can tell a business how much profit they can or cannot make Now that's going to inspire a lot of confidence in the economy!

Seriously, how is this any different than Hugo Chavez? First, Obama and Democrats jam Obamacare on us and now they are declaring that government can tell any American business how much profit they can make??

Are you freaking serious???

27 posted on 10/03/2011 2:22:21 PM PDT by Obadiah (Okay, so what's the speed of dark?)
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To: JesseWatters
Oh man I'm not sure what I despise more...Banko of Americo or this scumbag currently demeaning the office of President.
28 posted on 10/03/2011 2:22:39 PM PDT by teenyelliott (Soylent green should be made out of liberals...)
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To: JesseWatters

Ya know, for a split second there I was almost feeling sorry for the c*mmie b*st*rd, what with the “you aren’t better off than you were four years ago” confession and all that.

Then he shakes me back to reality when he opens his mouth like this and reminds us all what a reptilian he really is. He is having at least half the trouble he is because of his c*mmie ideology.

Like people who get nostalgic for the Clintoons. How easily we forget.


29 posted on 10/03/2011 2:22:49 PM PDT by SargeK
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To: JesseWatters

Profit? They have been insolvent for 3-4 years. They are 5 minutes from failing on any given day.


30 posted on 10/03/2011 2:24:47 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: JesseWatters
Hope I can explain how this use to work..

Hubby worked for Michigan Bell, before and after the break up of the Bell System....There were laws in place that said the Individual bell systems could only make a 6& profit after all expenses....Starting in November, overtime was used quite extensively......The bottom line for the company made only 5%, therefore they could go to the commission and say they only made 5% not the 6 they were allowed to make and the commission allowed them to raise rates so that they could make the profit the government set....

Its all a bunch of BS when the government makes the rules...hope this is explained well....consumers are always the one's that pay...not any corp. or government...

31 posted on 10/03/2011 2:24:58 PM PDT by goat granny
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To: JesseWatters
Well someone from The New Castrati explain again why this schmuck is allegedly so brilliant?

Maybe "Borg of America" customers will just patronize other banks that don't charge the fees. Some of my favorite commercials are the Southwest Airlines ads. I despise baggage fees--and I would consider flying them instead of United if my corporate overlords didn't make me use United (after all, they bill the feds for my travel expenses so it's not like they have to pay the baggage fees).

Yes, this is in reaction to Dodd-Frank. Was Obama asleep when Herman Cain explained to Slick Willie what would happent to pizza prices if Hillary Care became law?

32 posted on 10/03/2011 2:25:13 PM PDT by Lysandru
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To: JesseWatters
Well someone from The New Castrati explain again why this schmuck is allegedly so brilliant?

Maybe "Borg of America" customers will just patronize other banks that don't charge the fees. Some of my favorite commercials are the Southwest Airlines ads. I despise baggage fees--and I would consider flying them instead of United if my corporate overlords didn't make me use United (after all, they bill the feds for my travel expenses so it's not like they have to pay the baggage fees).

Yes, this is in reaction to Dodd-Frank. Was Obama asleep when Herman Cain explained to Slick Willie what would happent to pizza prices if Hillary Care became law?

33 posted on 10/03/2011 2:25:16 PM PDT by Lysandru
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To: JesseWatters

It’s the Obama/Dem Progressive two-step. Create a problem, then exploit it.


34 posted on 10/03/2011 2:26:07 PM PDT by Argus
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To: JesseWatters
Mr. pResident needs to learn one word, and learn it well:

TANSTAAFL

35 posted on 10/03/2011 2:28:57 PM PDT by asinclair (Talk is cheap, actions are priceless)
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To: JesseWatters

Wow!


36 posted on 10/03/2011 2:29:34 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Argus

Obama signed the law Dodd-Frank - the Durbin Amendment to fund bailouts.


37 posted on 10/03/2011 2:30:13 PM PDT by scooby321
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To: bgill
customers have the choice of bending over for it or telling BofA what to do with the fee can move their account to another bank.

And that is exactly what the Gov't engineers wanted to see happen with Dodd-Frank.

Now all they need to do is increase the regs on Bank of America even more in order to drive more customers away to cause it to falter more or (their ultimate goal) even fail.

38 posted on 10/03/2011 2:30:35 PM PDT by Siena Dreaming
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To: MrB; Gaffer

You guys nailed it - this is fascism, from the mind of a guy who is a Marxist at heart.


39 posted on 10/03/2011 2:30:51 PM PDT by rockvillem
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To: JesseWatters

This is unreal. He does not believe in America on a fundamental level. No inherent right? Really? A president said that? Absolutely unbelievable.


40 posted on 10/03/2011 2:33:12 PM PDT by douginthearmy
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To: JesseWatters
What's scary is the number of Freepers who agree with what Obama is saying.

I was amazed by the number of people on FR who were attacking Bank of America for hiking their fees, even though the the Dodd-Frank banking bill is what caused them to do it.

How does it feel to be on Barney Franks's side? Ugh.

41 posted on 10/03/2011 2:35:00 PM PDT by Siena Dreaming
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


42 posted on 10/03/2011 2:47:20 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: MrB

defacto ‘Nationalization’ through taxation and regulation...


43 posted on 10/03/2011 2:57:32 PM PDT by griswold3 (Character is Destiny)
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To: therightliveswithus

No kidding. It’s the Atlas Shrugged story done live vs. on the big screen.


44 posted on 10/03/2011 2:59:57 PM PDT by Made In The USA (This post may be recorded for quality purposes.)
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To: JesseWatters

According to Yahoo Business, B of A has a profit margin of about minus 20%, and McDonald’s has a profit margin of (plus) 20%. Next thing we know Obama will be trying to limit McD’s profit margin. What a loser.


45 posted on 10/03/2011 3:04:43 PM PDT by JoeFromCA
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To: JesseWatters

There is a difference between illegal business practices and unpopular/stupid business practices.

government has no business telling businesses they cannot do legal, but stupid/unpopular business decisions.


46 posted on 10/03/2011 3:09:09 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: JesseWatters

“You don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated”

Yeah, duh. But what business is it of the president?


47 posted on 10/03/2011 3:09:47 PM PDT by Tublecane
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To: Longbow1969

“We need somebody whose sole job it is to prevent stuff like this.”

That “somebody” already exists: he is called “the customer,” who can not use a service or switch companies if he doesn’t like it. “Somebody” could also be Congress, who doesn’t have to pass costly legislation, or the president, as well, who should have vetoed it.


48 posted on 10/03/2011 3:15:45 PM PDT by Tublecane
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To: JesseWatters
With BOA I have free checking, no fee credit cards, a low fee safe deposit box and free on line banking. They have a branch located close to my home that offers Saturday lobby hours. I never use my debit card for purchases anyway because there is no “float”. I use the debit card for withdrawing cash from ATMs when traveling (no fees or discount). For me no other bank (except my credit union for savings and loans) even comes close.
49 posted on 10/03/2011 3:19:46 PM PDT by bruoz
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To: JesseWatters

I can’t find in the article the audio I heard today on the radio. His excellency borrowed from an EF Hutton commercial, and said banks should earn money the old fashioned way...they should earn it.

No kidding.

I guess its being scrubbed, because it is so stupid.


50 posted on 10/03/2011 3:21:06 PM PDT by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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