Yeah, they need higher fees cause every time you use your debit card, they gotta move some aluminum around in a warehouse somewhere. Ha ha ha
Well, I’m glad you think all this is funny. I’m the last person on earth to spit in the face of humor, but I don’t find this all that entertaining.
“The board’s final rule not only fails to carry Congress’ intention; it effectively countermands it!” Control of wealth provides influence over political life in excess of legislative jurisdiction and debit fee case illuminates how unorganized public (fight between Merchants and Bankers)gets fleeced by powerful and entrenched interests. Can it all be attributed to rational ignorance?
On reflecting on nature of article and following up on my initial comment, I think the Fed is emblematic of public authority in private hands. That is, though the Fed’s decisions affect the entire economy, the Fed is beholden to banks and is run mostly by bankers. Years ago an old economic professor had informed me to always ask myself: who governs in the United States; who gets what, when, how, and why; who pays and in what ways. Questions I think central to your article.