Friday, July 1, 2011

Bankers hand bankers more of your money, market surges, and Bloomberg report how this will reduce fees for consumers

Still a bit in shock, saw the first of this story, and was surprised that a regulator would increase fees on consumers using debit cards (i.e. backed by real money in an account).

Visa and Mastercard skyrocketed.

Then further shocked today when I read another story on the same matter by Bloomberg, explaining that consumers would benefit, and Visa and Mastercard skyrocketed.   Those two things are so obviously opposite each other.   Bloomberg also goes on to mislead, blaming the rate on being mandated by Dodd-Frank.    Obvious and blatant attempt at deception.   Bloomberg must now be thrown into the category of cannot be trusted at all.

Article here, really check it out.

Further shock from  reading the was the Federal Reserve would was the "regulator" of debit card fees.   Really?   The Federal Reserve has nothing to do with the US government.   They are the banking cartel, they can do enough damage just by fractional banking.   They have been operating further outside the law lately, read some smart guys like Hussman, who really understand.

Here is same story from Financial Times (UK)--you are more likely to get real news from outside the US, UK is often more honest.   They note the 21cent fee per swipe is great higher than the .12cent fee originally suggested by the Fed in December.   Even at 12cents, this monopoly setup would be banking huge coin for little effort, a true mis-allocation of resources.   At 21cents, it is a steal.

This is link the Hussman's basic site, in a number of his weekly letter he gets more and more outspoken about the financial laws being broken in the US.   He runs billions of dollars, so even though "mainstream" he has lost his cool. 
Not the entire government has been "captured" there are some senators fighting for the citizens, here is one from Illinois, a scathing letter RE Visa and Mastecard monopolistic control and insanely high fee for computer automated transactions, trying to get higher fees (PS they did, THEY won, we lost)

Beware the military industrial complex (steveo 2011), stolen from many dead wise mentors.

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