28 June 2010

Want to know why a "Consumer Financial Protection Bureau" isn't going to fix anything?

Because these are the consumers who they will aim to protect from themselves:
Overheard in New York | Jesus Wept.

Girl #1: I have a 19.5% rate on my credit card, I don't know what that means.
Girl #2: I thought students didn't need to pay any interest.

--6 Train

Overheard by: DanInTheCity
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The other obvious reason a "Consumer Financial Protection Bureau" is bound to failure is that it will be consciously aiming to do stupid shit like this:
But the era of free checking is coming to an end: In an forehead-smackingly obvious turn of events, bold action by Congress and regulators to protect the little guy from overdraft fees means many banks are gearing up to switch to charging those same little guys monthly fees instead. Of course, people who have lots of money in their accounts, use a bank credit card, or employ bank-based investment advisers won't pay these fees. [...]

Overdraft fees minimized the losses on the smallest accounts. Now those costs will be spread evenly across people who don't have very much money in the bank.
By all means, let's enact a law which subsidizes the irresponsible at the expense of the poor. Thanks.  This kind of gobbsmackingly foolish "reform" is the best we can hope for from the CFPB.

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As long as I'm posting quotes from people who Don't Get It, I might as well post this too:
The Customer is Not Always Right | Health Care(less)

Pharmacy, Greenville, SC, USA
Me: “That will be $43.78, ma’am.”

Customer: “Oh, no it won’t.”

Me: “I’m sorry, did you have insurance? You weren’t in the system. Do you have your card on you?”

Customer: “No, I don’t have insurance. Obama said health care is free.”

Me: “I don’t think that’s how it works, ma’am.”
Incidentally, this is why I wasn't too concerned with protestors who thought ObamaCare was going to stop their Medicare checks from coming, or other nonsense. Most voters, even most of the voters who bother to get off the couch and go to rallies, have no earthly idea what they're talking about. Democracy is grand.

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