This is exactly why we need this Consumer Finance Protection Bureau that we set up that is ready to go," Obama said. "This is exactly why we need somebody whose sole job it is to prevent this kind of stuff from happening. ... You can stop it because if you say to the banks, 'You don't have some inherent right just to - you know, get a certain amount of profit. If your customers - are being mistreated. That you have to treat them fairly and transparently.'"Keep what stuff from happening? Companies raising their prices to cover the increasing costs of regulation?
Is Obama serious when he claims that companies "don't have some inherent right to ... get a certain amount of profit". They damn sure do have that right and if you, the consumer don't like the prices, then you're welcome to shop elsewhere.
Then theres the last sentence - "you have to treat them [customers] fairly and transparently". What is unfair about banks charging fees for their services? And what is transparent about publically and widely advertising the $5.00 debit card fee?
As John Hideraker observes, "Obama's ignorance of economics is impressive in its comprehensiveness".
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