The Rush Limbaugh LIVE Radio Show Thread - Tuesday, November 1, 2011

The EiB Network ^ | 11/01/2011 | Rush Limbaugh

[Political Junkie Too]

People are pointing to an amendment to the Dodd-Frank bill that was added by Dick Durbin, that caused BofA to add the fee.

-PJ

[Fawn]

Thanks PJ...but I can't find where it says anything like that in this bill.

[sloop]

bwarnie fwanks and chris dodd decided to cut off all sources of revenue for banks - because profit is evil

banks don't exist to service you - they are a business - they need money to operate - democrapz don't understand that

banks need money to pay their expenses - government is cutting off fees - they have to find another place to make the money - limit overdraft fees and they will add a new fee or up existing fees

democrapz screw up everything they touch - then tell us we need them to fix the screwup

[upsdriver]

Dodd Frank Bill

SUMMARY:
In 2010, liberals passed the Dodd-Frank financial reform bill and the Durbin amendment which, as predicted, would shift retailers’ cost for accepting debit cards onto consumers:

The Durbin amendment granted regulators the authority to establish price controls on what banks could charge merchants that accepted their customers’ debit cards as payment. The resulting regulations, which took effect Oct. 1, limit what banks can charge merchants to no more than 24 cents per debit card transaction.

Critics pointed out that banks, facing $6 billion annual losses from this change, would shift the costs of debit cards from merchants to bank customers. Sure enough, Bank of America and several of its largest competitors — including Wells Fargo, PNC, HSBC, SunTrust, TDBank, and Chase — will be imposing various new fees on their customers to make up for Durbin’s folly.

[NoLibZone]

Clinton used Janet Reno to loosen lending when she sued Chase

Obama did the same with CitiBank

[acsrp38]

The biggest problem are hidden taxes and fess charged to and through corporations. (The consumer pays all taxes)

These have to be paid by someone. The charges were charged to the merchants. The store I work at is charged .57 each time we swipe a card (debit or credit) by the bank that owns the machine. They are also charged 5% by Visa or Mastercard. Naturally the cost is passed on to the customer. Merchants complained, so the banks were now charging the card holder.

Instead of “nanny state” warning labels, there should be labels that state the amount of taxes hidden in every product and service.

[PogySailor]

Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon

[NoLibZone]

Here’s one story:

http://illinois.patriotactionnetwork.com/2011/10/04/dick-durbin-slams-bank-of-america-for-reacting-to-his-own-law/

[Fawn]

Ok..but it was still the banks option to charge this particular fee. Thanks all

[Fawn]

Thanks....good article. I will have to try find this in the bill which is all I would need: In the legislation the looters in Congress felt compelled to cap the amount banks can charge venders for processing debit card transactions.

[acsrp38]

Like all businesses, all expenses are passed to customers, that means either the card holders or the merchants.

No, banks — or no business for that matter, eats the costs.

[acsrp38]

Like all businesses, all expenses are passed to customers, that means either the card holders or the merchants.

No, banks — or no business for that matter, eats the costs.

[sloop]

you will pay one way or the other

[upsdriver]

Reckless Endangerment is a real education about the housing collapse and its causes. I highly recommend everyone read the book.

[Political Junkie Too]

The Durbin Fee : Amendment to Dodd-Frank Will Cost Debit Card Users. Hold on to your wallets.

Why Your Bank Is Charging More Fees

There are many more stories out there. Just search on Dodd Frank Durbin amendment.

-PJ

[Fawn]

Excellent..thank you...

[skinkinthegrass]

Are you asking what was the context for mentioning Estrada today?

precisely.
my understanding was, he was Borked / Thomased
by the 'Rats' in the Judiciary Committee
...was RUSH just mentioning his name from memory?

[skinkinthegrass]

I’ll bet Steve Jobs ate vegetables and that’s what killed him.

its was the (baby sweet :) peas....carrots....

[Political Junkie Too]

Limbaugh was saying that prominent minorities in the GOP must be taken out by the MSM, because minorities can only be allowed to succeed in the Democrat party. Limbaugh then mentioned several examples, including Palin, Clarence Thomas, Alberto Gonzales, and Miguel Estrada. They were all targeted because the minority "firsts" are supposed to come from the Democrats.

-PJ

[skinkinthegrass]

They were all targeted because the minority "firsts"
are supposed to come from the Democrats.

*smack to forehead*...I knew that!...
meritocracy vs liberal political correctness