Libs now have a bank they can actually identify with.
Here’s the deal: Pres Biden is now trying to reduce those pesky fees banks charge when you do things like overdraft your checking account, or are late paying your credit card bill.
We all know this will lead to banks losing tons of money due to bounced checks, and delinquent CC loans and such.
So Chase came up with an idea on how to finance this issue: make normal depositors (you know, the people who live within their means and make their payments on time) fund the losses foistered upon the banks through fees on just about everything else.
When you think about it, it’s socialism in action: from each according to their means, to each according to their needs.
Will liberals line up to do their duty to their fellow man by banking at Chase? Place your bets by commenting below.
Sure. Pizza bet. One year after adoption, we’ll look at the stats and determine if banks have lost a lot of money due to bounced checks, delinquent loans, etc.
It’s not hard to find “fee free banking,” so the law is pretty idiotic,
but a lot of banks do charge a ton of nuisance fees, not just on overdrafts and NSF.
They include:
Monthly maintenance/service fee
Out-of-network ATM fees
Paper statement fees
Account closing fees
Dormancy fees
Foreign transaction fees
and more.
It is socialism because it says, in effect, “I like strawberry ice cream so we’re gonna outlaw chocolate and vanilla.” Central gov’t decides on a one-size-fits-all policy, demonizing the greedy evil corporate capitalists who offer choices, and proceeds to outlaw choice.
It is exactly precisely the kind of instruction King George engaged in and Karl Marx loved.
It is exactly precisely what Adam Smith opposed (in his 1776 book) and what George Washington et al fought the Revolution to oppose.
What Marx would do, and King George would do, and Joe Biden has done is to
1 Demonize private enterprise
2 Have top-down central planners dictate the one and only proper way of doing things
3 Require that no-choice one-size-fits-all method become the only choice available to consumers
4 Do so without making it an election issue or choice of any sort to the voters
5 Do so without any sort of Congressional approval.
The fact that the cent gov doesn’t actually own the banks means this not Communism . . . but it is still 100% socialism (King George-ism?) and exactly what George Washington and Adam Smith each spent the year 1776 opposing.
