Wednesday, October 5, 2011

Overheard at Booth 3: Bank of America v President Obama

Trixi D sez: in this war uv words 'tween the prez and BofA "the American People" have fogottun - actually - dey couldn't uv forgottun b'cuz they never knew - this thing that's called "The Elephant in the Room" - and that is Visa and MasterCard International. They're the ones callin' tha shots. All this talk uv interchange - dat's not collected BY the banks - it's charged BY Visa/MC and givun BACK to the banks, but what choo also doan' know is that Visa/MC also CHARGE the banks just for people usin' dey cards! So for the banks - de income barely covers dere EX-pense, see? Now, uv course, yer BofA and yer Chase and da big boys dey gots it covered, but dis really hurts all the others: y'knoo, smaller banks an' credit unyuns.

So, it breaks down like dis: as the prez and the banks and the congress and alla dem duke it out, Visa/MC are jes' sittin' back an' smilin', smilin', smilin' - all the way 2 da BANK!

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