Opinion

The Obama administration made a huge mis-step by decrying the fees Bank of America and others will be charging for ATM usage.

History
A report from one of the Federal Reserve Bank of Boston showed that credit cards were inflating the price of goods, regardless if payment was in cash or credit. Thereby creating a regressive “tax” on cash buyers. ATM purchases were no mentioned because the structure of ATM fees is different (ATM fees are a flat per transaction charge but credit cards are a percentage of the transaction).
The CFPB (and / or congress) agreed to limit the transaction fees banks could charge on ATM purchases. The banks kicked back with their monthly charge for ATM purchases.
Question
My only question is this: Does the limiting of ATM transaction fees increase the likelihood that banks will increase the number of ATM cards it issues to the lower-middle and lower class, thereby giving them higher availability to lower cost banking services?
Or was this just a “dip the toe in the ‘tax the rich’ ideology” to see how it plays in middle (and middle class) America?
IMHO
The administration decided to bunt to maybe make it to first base instead of “swinging away” for the fence. The banks are in terrible shape and the housing debacle that no one is publicly talking about is really causing problems. The Fed has decided it will print money to get us out of this (same with the ECB). The easing part of the Quantative Easing is to ease ourselves into a higher inflated currency and an overall devaluation of money so that the world’s citizens don’t realize their banks have so much debt and remove their money and sink the economy.

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