In August, the Federal Reserve imposed a cap on the fees banks can charge retailers every time customers swipe their debit cards. Why is that important? In addition to banks, consumers may be the biggest losers.
Dr. King spoke of two types of freedom -- one from "chains of discrimination" and one from "a lonely island of poverty in the midst of a vast ocean of material prosperity." Somehow his first message has been taken to heart while his second has been forgotten.
"Financial reform" is a boon for people in the payday loan business. When people fall out of the world of traditional banking, they are still going to need bank-like services. Payday lenders will be in position to fill the gap.
The wars drag on, the economy teeters, climate change unfolds just as the scientists predicted, and the yawning gap between the rich and the rest of us continues to grow. And what are we left with? The spectacle of a guy named Weiner doing naughty things.
While mainstream America continues to struggle with the recessionary consequences of a meltdown caused by financial excess, large financial institutions are back to profitability and back to their old ways.