NOTE: This seems to be a video-link with text. Sorry about that, I couldn't find a better one.
ABC News is reporting that Senator Richard Durbin (D - imwit) is calling for folks to get their money the heck out of Bank of America (B of A).
Funny thing is: He's the main guy behind the legislation that caused them to lose their network fees in the first place, and so now B of A is charging for using a debit card. Before, they charged that to retailers; now they cannot. See Forbes article here. The Fed's final ruling on the matter was put out in June.
One more thing: inciting a bank run is against the law in the US.
Chuck Boozer, the afternoon drive guy on a radio station in Charlotte, spent time in federal custody following the 1987 crash by cracking a joke about folks "lining up around BB&T down there" as he watched from his booth. Dumb.
So I hope bank regulators and federal law enforcement officials are going to be consistent about this one. You don't tell people to pull their money out of a bank, any bank, for any reason. That's just a bad idea.
Edit: I keep getting the idea that some of these politicians act like a systemic collapse would "wake people up" or get more people to march on Wall Street and vote for World Socialism or something. I think they should realize that the next REAL social upheaval is likely to end up taking them out of office with a vote.
As mentioned above, Dr. Steve Cotten (AKA "correspondent") has pointed out that Article I of the Constitution forbids prosecution for crimes permitted on the floor of Congress. Good thing, too, huh?
ABC News is reporting that Senator Richard Durbin (D - imwit) is calling for folks to get their money the heck out of Bank of America (B of A).
Funny thing is: He's the main guy behind the legislation that caused them to lose their network fees in the first place, and so now B of A is charging for using a debit card. Before, they charged that to retailers; now they cannot. See Forbes article here. The Fed's final ruling on the matter was put out in June.
One more thing: inciting a bank run is against the law in the US.
Chuck Boozer, the afternoon drive guy on a radio station in Charlotte, spent time in federal custody following the 1987 crash by cracking a joke about folks "lining up around BB&T down there" as he watched from his booth. Dumb.
So I hope bank regulators and federal law enforcement officials are going to be consistent about this one. You don't tell people to pull their money out of a bank, any bank, for any reason. That's just a bad idea.
Edit: I keep getting the idea that some of these politicians act like a systemic collapse would "wake people up" or get more people to march on Wall Street and vote for World Socialism or something. I think they should realize that the next REAL social upheaval is likely to end up taking them out of office with a vote.
As mentioned above, Dr. Steve Cotten (AKA "correspondent") has pointed out that Article I of the Constitution forbids prosecution for crimes permitted on the floor of Congress. Good thing, too, huh?
