Just as I predicted months ago, if you start over-regulating companies and causing them to spend more of their earnings to abide by these new rules/laws that are thrown at them, they will simply pass the increase on to the consumer (me and you).
The entire financial problem came about by the Barney Frank’s and Christopher Dodd’s forcing banks to make loans to individuals who could not afford the loan in the first place. If the banks were left alone and not forced into making all these bad loans under the guise of fairness to those who could not normally get a loan, the country would be in much better shape.
The leftists free spending Democrats have taken advantage of the crisis by adding in more regulation to a problem that they caused in the first place.
American citizens need to wake up and realize who the real culprit of our current economic disaster really is…the legislators in Congress and their social justice programs being force fed down the bank’s throats.
Everything these radicals touched ended up costing Americans more money.
The democrat’s financial overhaul bill is forcing banks to get rid of free checking.
The AP reported:
Free checking as we know it is ending.
The days when you could walk into a bank branch and open an account with no charges and no strings attached appear to be over. Now you have to jump through some hoops — keep a high balance, use direct deposit or swipe your debit card several times a month.
One new account at Bank of America charges $8.95 per month if you want to bank with a teller or get a paper statement.
Almost all of the largest U.S. banks are either already making free checking much more difficult to get or expected to do so soon, with fees on even basic banking services.
It’s happening because a raft of new laws enacted in the past year, including the financial overhaul package, have led to an acute shrinking of revenue for the banks. So they are scraping together money however they can.
Bank of America, which does business with half the households in America, announced a dramatic shift Tuesday in how it does business with customers. One key change: Free checking, a mainstay of American banking in recent years, will be nearly unheard of.
Maybe this explains why a majority say President Obama has either brought no change to Washington or has brought change for the worse.