Before Elizabeth Warren was a candidate for U.S. Senate from Massachusetts or Godmother to #OccupyMomsBasement she begat the Dodd-Frank Consumer Financial Protection Board. Except it ought to be renamed the Moron Protection Board. Because that’s what it essentially does. Protects morons. Morons who can’t read their mortgage contracts. And morons who can’t balance their checkbooks.
The latter group used to be a lucrative source of fee income to banks. Everytime some moron swiped his debit card for a $4.50 Starbucks latte with only 75 cents in his account, cha-ching!, he got hit with an overdraft fee.
Elizabeth Warren decided that was “unfair.” Busy slackers can’t be bogged down balancing their checking accounts! Those fees were unreasonable!
So guess what? Now everybody pays fees. Free checking has gone the way of the dodo bird. Wells Fargo is now charging everyone a $7 monthly fee. Even the “good” customers who never bounced a check or swiped their debit cards on insufficient funds.
Bank of America and Chase are expected to follow suit.
See, that’s the essence of Socialism. Everyone shares the pain. Instead of the people who cause the problems paying the fees, now everyone pays. It fulfils the Obamunists’ sense of egalitarianism. But it’s only “fair” if you’re a moron.