Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You're right, it's not technically overhead. But they're taking a loss. Really doesn't matter what direction that loss comes from.
I'm not saying I love big banks, or that big banks are not greedy. But if you look at it objectively, this is the reality of the situation. Kill a certain revenue stream, they'll make up for it somewhere else.
So as people leave the bank(s) what are they going to do then? Nothing...
They are just sticking it to those who are still around for now. Bofa is a sinking ship and sadly it will cost this country tremendously.
The profits are just fine. They were pounding merchants with these fees and they can no longer do this, so they will re-coop "somehow" so......they are sticking it to the customers. Nothing more than greed, plain and simple. Executives are richer than they have ever been, largely at the expense of the "customers".
Maybe you should start your own bank. Then you could give services away for free, have not debit card fees and pay your CEO a small salary.
So as people leave the bank(s) what are they going to do then? Nothing...
They are just sticking it to those who are still around for now. Bofa is a sinking ship and sadly it will cost this country tremendously.
Bofa isn't the only one. Costs are going up with pretty much every major bank. I posted a link earlier in this thread.
This is feel good legislation that accomplishes nothing. You can't pass a regulation on some arbitrary fee and expect banks to willingly lower their profits.
Look up the following bankers and their history....JP Morgan, Rothschild, The Warberg's and the Rockefeller's. Amongst their many not so honorable accomplishments they funded the US and our enemies in both WWI and WWII, all in the name of "profits".
That should take you a while to get your arms around. Once your get your arms around thst, let's go back to the table and discuss profits.
Quote:
Originally Posted by marcopolo
Just eyeballing the stock price history of a few of major banks, looks to me like the owners of the mega-banks have lost about a TRILLION dollars in market value since the financial crisis began. This is a wealth reduction in capital on an unprecendented scale--and it all fell on the owners of the banks.
Now, when a functioning financial system is sorely needed for growth and prosperity, the government comes down with price controls, senseless regulation and ignorant rhetoric to inflame the clueless.
Everything we have in this world, apart from sunsets and rainbows and kisses, is there because there is a buck to be made in providing it. Food, clothing, shelter, Iphones, everythng. It is a miracle. The profit principle has lifted billions of people out of the grinding existence that is subsistence agriculture including Americans in the 18th and 19th centuries.
A huge source of our current troubles is that elements of our poitical leadership use the word profit as an insult, with all the twisted thinking that is required to do so. Our young people do not know enough history (since our education system has so abjectly failed) to reject this ignorance.
If there is any product or service that you need or enjoy, you better hope the people providing it to you are making a profit.
Bofa isn't the only one. Costs are going up with pretty much every major bank. I posted a link earlier in this thread.
This is feel good legislation that accomplishes nothing. You can't pass a regulation on some arbitrary fee and expect banks to willingly lower their profits.
They are and that is why many are either not going to use a bank or move to a CU. And then the likes of bofa will have really stepped on their cranks.
Just eyeballing the stock price history of a few of major banks, looks to me like the owners of the mega-banks have lost about a TRILLION dollars in market value since the financial crisis began. This is a wealth reduction in capital on an unprecendented scale--and it all fell on the owners of the banks.
Now, when a functioning financial system is sorely needed for growth and prosperity, the government comes down with price controls, senseless regulation and ignorant rhetoric to inflame the clueless.
Everything we have in this world, apart from sunsets and rainbows and kisses, is there because there is a buck to be made in providing it. Food, clothing, shelter, Iphones, everythng. It is a miracle. The profit principle has lifted billions of people out of the grinding existence that is subsistence agriculture including Americans in the 18th and 19th centuries.
A huge source of our current troubles is that elements of our poitical leadership use the word profit as an insult, with all the twisted thinking that is required to do so. Our young people do not know enough history (since our education system has so abjectly failed) to reject this ignorance.
If there is any product or service that you need or enjoy, you better hope the people providing it to you are making a profit.
Correct!
And then we get government interference. Government telling business what prices to charge, etc. And government bailouts.
Government should NEVER tell business what prices to charge (maybe except for utilities which are government sanctioned monopolies) and should NEVER bail out businesses and should NEVER Subsidize businesses.
Businesses succeeding and failing is a healthy environment and benefits consumers.
Businesses succeeding and failing is a healthy environment and benefits consumers.
No, it doesn't.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
