Federal Reserve Raises Swipe Fee Cap In Victory For Wall Street

A good article on the caps that were overruled regarding credit card/debit card transactions.

Long story short, the banks can now charge even more than the previous average, while the entire legislation was put in place to save American's money. Funny how that works. They also got all kinds of exclusions where no cap exists.

I am glad that I no longer bank with a "too big to fail" institution, I now give business to my local bank that has only a very small number of branches in my area. If one day they become "too big to fail", I'll likely change banks again. I had previously been with Bank of America since I was 16 and my mom helped me open a savings account.

Banks have expenses, and should be allowed to make a profit. But banks have demonstrated time and again they are reckless, and if they get in to much trouble they know they'll just be bailed out or saved, or worst case they just walk away and let someone else deal with it. So, we must regulate them to confine them to some safer actions.

The bill that was passed is just another example of how the laws being passed in this country have nothing to do with what is in the best interest of the American family, or what the majority of families want. The only thing it is in the best interest of is the officers of the Banks in question.

I guess the best play, other than moving all my money out of big banks (which I've done already), is to just "go long" on the banks in the market as a hedge against how much they screw me. I would much rather be short.

Mike

Normally, as a Libertarian, I'd argue that we don't HAVE to use banks....but the current laws make it almost impossible not use one.

Thank God I have USAA.

As far as credit card transactions.....the part that's sickening is Visa/MC have such a monopolistic stranglehold on the market.

Look for new and expanded opportunities for Point of Sale companies in the years coming.

Unfortunately, you cannot deal in cash without violating half the Patriot Act.

Another disconcerting bank question. The non mainstream news reported on 10/16/2013 that JPMorgan Chase Banks will not longer accept wiring money domestically or internationally from a Business Savings account. Possibly(very possibly) more to come. That's wonderful for us living on a pension sent to our banks when we live outside of the U.S.

My question is I need a (1)Broker who uses the NINJATRADER platform and is (2)outside of the United States and (3) is not part of Europe, US, New Zealand, Austrailia, Canada and S. Africa. Is there such a beast? I can't find any Ninja supported Brokers outside of the US who meet these 3 criteria.