Governments attack success and bail out losers. Now merchants are attacking VISA and forget the value a VISA CARD generates by allowing purchasers to buy without the necessity of using cash. The implications of attacking VISA are negative and father reaching than meets the eye.
It is price fixing, period. They have chosen not to allow the free market to work. They chose the retailers who must be paying more lobby money than the financials right now.
Price fixing almost never obtains the intended results. So far it has cost the consumer more net net at banks in terms of checking fees and such. Retailers have not lowered their prices one penny to pass the debit savings along to consumers. It just padded their P&L. Durbin chose retailers and used price fixing as his weapon. Was a sad day in america once again. Price fixing is absurd especially in this industry.
Consumers have the choice of cash. Retailers CAN charge more if they want for debit/credit now. Consumers also have a choice of credit or debit and many card providers. Mastercard, visa, discover, amex
More interference in the free markets under the Obama tenure
We have a government that wants to control our lives......the present administration got elected
by giving away freebies to lazies and loafers. If you work for a living, you are not rewarded....they
spy on you instead.