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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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