This White House video explaining how financial market reform is going to make things better has been popping up quite a bit recently, in most cases, just so it can be ridiculed.
I was reserving judgment until I heard, “For banks, there’s no more betting. Just banking. Plus, banks will be prevented from growing so large that they put the entire economy at risk if they were to fail”. That’ll be the day…
![[Most Recent USD from www.kitco.com]](http://www.weblinks247.com/indexes/idx24_usd_en_2.gif)
That narrator is that Indian actor fella who played the doctor on the show House that killed himself. I saw some documentary where he gave up all other ambition to help Obama win, and apparently, is still helping to spread this propaganda. I know he didn’t write the piece but still… a douche is a douche is a douche is a douche.
This is a lame video, but it’s not as lame as all of the Fed comic books/propaganda for kids that they want to push on public school children.
https://www.newyorkfed.org/publications/result.cfm?comics=1
Is it a coincidence that many were published on April Fool’s Day?
My favorite is Página de niños de la Reserva Federal
There is widespread confusion over the reforms impact on the size of banks. Even the author of this blog has fallen victim to liberal propaganda suggesting that Congress and the President are not serious about controlling the size of banks so they may not grow so big that they would put the entire economy at risk if they were to fail.
The text of the reform does not use the word “fail” but in fact uses the word “FALL”. The reform forbids any Wall Street bank or financial institution from building a headquarters in US territory which is so large that its collapse would crush more than one-third of continental US (including Hawaii and Alaska). This reform was introduced at the request of the DHS and shows the Obama administrations ongoing commitment to our citizens’s safety in these troubling times.
I am disappointed and dismayed that even reputable financial journalists would twist this and use it for political advantage.
I think allowing merchants to offer you discounts if you pay in cash is a good move.
Those who like the convenience of using plastic can still use plastic but now merchants will be allowed to offer a discount if you pay in cash.
I like to use my card because it offers me a 1 percent rebate on my purchases. But if the merchant wants me to use cash he’s going to have to offer me something more than that.
And it makes sense for him to do it because everytime I use my credit card to pay he has to pony up a percentage of his profits to the credit card company
He can, if he’s stubborn, refuse to offer me a discount. But I can retaliate by using my credit card instead.
Also, merchants are going to benefit from the new law.
Up till now merchants actually lost money everytime someone used their credit card to buy a coffee or pack of gum. That’s because they had paid so 30 or 40 cents in credit card transaction fees.
Now they can set a minumum purchase limit
Looks like a win win. Merchants like the new law. Consumers like me do too