Capitalism Forces Bank Of America to Cancel New Fees

Discussion in 'Economy' started by PLYMCO_PILGRIM, Nov 1, 2011.

  1. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    Pressured BofA cancels debit card fee - UPI.com


     
  2. manifold
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    manifold Diamond Member

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    Too bad it can't also force companies not to pollute.

    But whatcha gonna do? :dunno:
     
  3. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    If consumers did to companies that pollute what we did to bank of america (take our business elsewhere and tell them it is because they pollute) it would ;)
     
  4. manifold
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    manifold Diamond Member

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    If you slam the barn door closed after all the horses ran away, it doesn't bring them back. :thup:
     
  5. Bern80
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    Bern80 Gold Member

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    Unfortunately I think the end result of this is going to be yet another reason for banks to get stingy on loaning money. As usual the media did no service to the public in reporting this. Had they actually told the public why BoA was adding this fee they may chosen to bark up a different tree. It was yet another case of crony capitalism where retailers lobbied congress to pass a law limiting what banks could charge retailers for card transactions. They literally got it cut in half. Instead of using the free market to negotiate they decided to use government to simply pass a law. The banks were simply trying to make up the difference. Perhaps the consumers should inquire with the retailers as to whether the costs of their good are going to go down now that they don't have to pay the banks transaction fees. Anyone wanna bet any money on that one?
     
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  6. Dragon
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    Dragon Senior Member

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    Actually that was not capitalism. Unless you consider the Occupy movement to be capitalism.
     
  7. Bern80
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    Bern80 Gold Member

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    I don't know what you mean there. I don't know if your familiar with the term but crony capitalism isn't really capitalism at all. It is indeed what OWS is railing against in part. I think it's a big reason capitalism gets such a bad rap because people associate it with this back door deals with government, political favors, bailouts etc. But that isn't what capitalism and the free market are about or how their supposed to function. The free market should have little to no interference from government whether that be excessive regulations or political favors.
     
  8. Dragon
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    Dragon Senior Member

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    What I mean is that a coordinated campaign by citizens to compel a corporation to change its behavior is not capitalism. It isn't government either, exactly, but it's closer to being government -- in that it is an exertion of the collective will, with a threat of force behind it -- than it is to being capitalism.

    If a competitor had bought out BofA, and the new management had cancelled the proposed fees, then you could say that "capitalism" had ended them. But that's not what happened.
     
  9. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    Not even close, nice try though.

    Sending in letters/emails and taking your business to a local bank that doesn't charge fees is not the same as protesting in the street, destroying public property, and demanding that wealth be redistributed.
     
  10. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    Again it wasn't a coordinated campaign (wait is OWS coordinated?) it was a bunch of customers shopping elsewhere for their banking services and the loss of revenues and the potential loss of future revenues from their decisions that caused BOA to act.
     
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