Readers should proceed with caution in using debit cards, because Bank of America will start charging $5 each month for customers who use debit cards for anything other than the ATM, and other banks will soon follow suit. What a great time to assess fees to customers! The nation hovers on the brink of yet another recession, real income has dropped in most households, and a large percentage of Americans are barely hanging on. Ham on Wry questions the gall of this behemoth that received $20 billion in bailout money under the Troubled Asset Relief Program (TARP) on January 16, 2009. Even worse, Bank of America had already received $25 billion in the fall of 2008. For those readers who are tempted to scream obscenities at President Obama for this travesty, don't! He took the oath of office four days later, so the entire $45 billion bailout occurred under President George W. Bush's watch.
So, let's see. After taking $45 billion of taxpayer money, the mega corporation was accused of misusing taxpayer money, and the federal government eventually demanded that it "overhaul its board and address perceived problems with risk and liquidity management," according to an article in the Wall Street Journal. Lo and behold, by early December 2009, Bank of American paid back the entire $45 billion dollars. If it had enough money to pay back the money less than 11 months later, why did it need TARP funds in the first place? The organization now shows its gratitude to American taxpayers by assessing a debit card usage fee on those who use Bank of America debit cards. Talk about "biting the hand that feeds you!"
This kind of nonsense has fueled the "Occupy Wall Street" movement that protests corporate influence in politics. Demonstrators are also expressing anger about financial inequality in the midst of corporate greed and other related grievances. Below, a protester holds a sign espousing a Goethe quote. Makes sense to me. More on "Occupy Wall Street" will appear in a future post.
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| Occupy Wall Street Protester in Zuccotti Park September 28, 2011, The Atlantic photo |
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