Yup! Honest-to-God truth, the Democrats, specifically Sen. Dick Durbin are responsible for having those fee’s put in place on your debit cards via the Dodd-Frank Financial “Reform” Law. That’s what price controls do, but the idiot Democrats just keep repeating the same actions while expecting different results, they just don’t get it, change that, are incapable of learning from history.

And to think, there are actually a great big herd of dumbshits out there that blame banks. You stupid simpletons! It’s your Democrats that did it! When can we begin to thin the herd? The stupid have clearly overpopulated again. Picked this up via Hot Air today:

Government imposes new price controls on an industry. Industry raises prices elsewhere to make up for the artificial cap on cost recovery. Government expresses shock, shock at the development. For those of us old enough to remember the 1970s, this seems like deja vu all over again…

Well said. On to the heart of the matter:

During the debate over the Dodd-Frank financial reform bill, when Democrats controlled Congress, Durbin insisted on including an amendment that had nothing to do with Dodd-Frank’s stated aims of stable banks and consumer protections. The Durbin amendment granted regulators the authority to establish price controls on what banks could charge merchants that accepted their customers’ debit cards as payment. The resulting regulations, which took effect Oct. 1, limit what banks can charge merchants to no more than 24 cents per debit card transaction.

Critics pointed out that banks, facing $6 billion annual losses from this change, would shift the costs of debit cards from merchants to bank customers. Sure enough, Bank of America and several of its largest competitors — including Wells Fargo, PNC, HSBC, SunTrust, TDBank, and Chase — will be imposing various new fees on their customers to make up for Durbin’s folly.

Like I said. Is it time to thin the herd yet? The stupid have overpopulated again.