Friday, September 30, 2011


For this we all bailed out the banks, who then enjoyed record profits?
Canceling our "free" checking accounts can't be far behind!

(ABC News) - - NEW YORK - - Bank of America will slap a $5 monthly fee on some customers who use their debit cards to make purchases, starting early next year, Dow Jones Newswires reported yesterday.

“The economics of offering a debit card have changed with recent regulations,” a spokeswoman told Dow Jones.

Most basic checking accounts at BofA will see a 40 percent jump in monthly costs and the bank says the debit fee will be waived for customers that upgrade to “premium” accounts which require higher minimum balances.

In October, the Dodd-Frank financial reform law will lower “interchange fees,” which is the amount banks can charge retailers for debit transactions. Fees for retailers will shrink from 44 cents to a cap of 24 cents, which has led some debit card issuers to seek other ways to make up that revenue.

“This new fee allows us to continue to offer the convenience of a debit card with the full range of added features customers have come to expect,” including fraud protection and monitoring, special savings programs and other services, a bank memo stated, according to Dow Jones.

Until this BofA decision, less than 2 percent of checking accounts charged a monthly or annual fee for using a debit card, says The multinational bank serves one in two households in the United States, according to its 2010 annual report.

“Fees for debit card usage is just something we’re going to see a lot more of in the weeks and months ahead because banks are going to be making less revenue every time a consumer swipes that card,” said Greg McBride, senior financial analyst at

Bank of America is not the first bank to add a $5 per month fee for using a debit card. Atlanta based Sun Trust blazed the way this summer and giants Wells Fargo and JPMorgan are testing $3 debit card fees.
Credits unions and community banks are more likely to offer fee-free banking.

“As consumers we’re not hostage to these fees,” said McBride. “We can resort to other methods of payment or vote with your feet and go to some place that is not going to charge you that fee.”

Earlier this week, ABC News’ Matt Gutman reported on the rise in bank fees for consumers across the nation. Another victim of financial reform seems to be free checking.

Since the fourth quarter of 2009 through June of 2011, the number of big banks offering free checking accounts has declined by 54 percent, according to research firm Moebs Services.

“With a loss of $5 billion in interchange fee revenue looming for 2012, with restrictions put on fee revenue…and with the cost to operate a checking account climbing, it’s clear Bank of America, Chase, Wells Fargo, and the rest of the [Too Big To Fail] gang are going to get out of the free checking business,” Moebs said in an August statement.

A call and email to a spokesperson for Bank of America weren’t returned.


UPDATE: 11-1-11 - - Ever since BofA's debit card fee was announced in September, consumers have been railing against it. More than 300,000 people signed an online petition to stop the planned fee. Over 21,000 people pledged to close their Bank of America checking accounts. One cable news anchor cut up her card on the air. It was a classic David-and-Goliath fight, fueled by the growing populist outrage against the nation’s financial system. So today, the little guy won: Bank of America announced that it was abandoning the fee.

Tuesday, September 27, 2011


Congressman Ron Paul tells packed out NYC audience:
“America is ripe for a true revolution”

By Paul Joseph Watson

A new Harris Interactive poll released today reveals that Congressman Ron Paul would defeat Barack Obama 51-49 in a hypothetical run off, one of only two Republican candidates who would stand a good chance of preventing Obama from securing a second term in the White House.

Only Ron Paul and Mitt Romney would beat Obama, according to the poll, which found that Obama would defeat every other Republican candidate, including Rick Perry.

The survey is another indication that Paul is quickly moving into second place to become Romney’s main challenger as Rick Perry’s campaign crashes and burns.

The poll was conducted in mid-September and surveyed 2,462 US adults. Its findings reveal that Paul has now overturned Obama’s slim majority in a hypothetical run off between the two and would likely beat him, especially if he was afforded the kind of national platform that the corporate press have been loathe to provide.

As we have previously discussed, despite an admitted establishment media dirty tricks campaign to deliberately ignore Ron Paul’s candidacy, he has emerged as a top tier candidate with a genuine chance of challenging Romney. A Paul victory in the Republican primary would represent a major problem for Obama’s hopes of a return to the Oval Office because it would remove the incentive for many Democrats to back Obama.

Democrats who voted for Obama in 2008 will only be motivated to do so again if Republicans put forward a compromised candidate like Mitt Romney who can easily be characterized as George W. Bush 2.0. If Ron Paul runs against Obama, huge numbers of Democrats will take a back seat, and some may even switch allegiances, such is the profound sense of betrayal many liberals now feel towards Obama’s completely unfulfilled promises of “hope” and “change”.

Top political analysts are now seeing a Romney-Paul head to head. Many of the independents who support Rick Perry are likely to switch to Paul should Perry’s campaign continue to implode. Paul would have a very good chance of taking on Romney because he would expose the former Massachusetts Governor’s big government history for all to see.

Ron Paul told a packed out audience in New York City last night that America was “ripe for a true revolution,” during his appearance Grand Ballroom, after the overwhelming number of attendees caused the event to be moved to a larger venue.

“We are seeing a level of enthusiasm for Ron Paul that can be compared with President Obama in 2008,” Eric Brakey, Media Coordinator for NYC Liberty HQ told CNN. “Congressman Paul’s youth support is different now than it was during his last presidential campaign. It’s more organized and it’s picking up steam and continues to grow”.

“The country has changed in the last four years, but my message hasn’t changed,” Paul said. “The country is ripe for a true revolution”.


First posted on:
Tuesday, September 27, 2011
Original headline:
Harris Poll: Ron Paul Would Beat Obama 51-49

Sunday, September 25, 2011


No more money for
wall street and war,
demand jobs & income
for the workers & poor!

Yesterday things warmed up in this week's New York occupation of Wall Street by protesters against the bankster bailouts, as the cops started getting a bit too heavy-handed.

Hey, boys in blue - ever heard of first amendment rights?

C'mon, now!