In keeping with the new Durbin-inspired trend of candor and brevity, Bank of America CEO Brian Moynihan justified the new fee by saying, "we have the right to make a profit." Translation: I think they need the dough.
It's unfortunate that some community bankers have gotten caught up on the wrong side of this battle, but the bottom line couldn't be clearer. Swipe fee regulation is a straightforward fight between Main Street and Wall Street.
Because Republicans want to destroy -- just utterly destroy -- unions, Medicare and Medicaid, the progressive movement and vast majority of the Democratic Party are on the same side. And it is a great feeling.
Think of the debit fee as an invisible, federal sales tax on everything you buy with a card -- except that you never got to vote on it and may not have even known it existed before it came up in the debate over bank reform.
The ideologues who want no check whatsoever on the power of big business have declared war on the middle class. But these attacks on the things we hold dear are putting the "movement" back in the labor movement.