I have moved over to the “it’s not the uncertainty” camp. The president’s statement below seems to make it absolutely certain what rewards are likely to lie ahead for those dare to dream of profit:
“This is exactly why we need this Consumer Finance Protection Bureau that we set up that is ready to go,” Obama said. “This is exactly why we need somebody who’s sole job it is to prevent this kind of stuff from happening. … You can stop it because if you say to the banks, ‘You don’t have some inherent right just to – you know, get a certain amount of profit. If your customers – are being mistreated. That you have to treat them fairly and transparently.”
The story is reported here: Obama Blasts Bank of America’s Debit Fees.
I mean, I know that Bank of America (BAC) is a big bad ol’ bank. But the idea of a transparent fee-for-service pricing mechanism doesn’t seem so bad. The service has to be paid for somehow, doesn’t it?
Maybe he wants to kill the banks so that they will once again be in need of a government bailout? It would be a good way to exert ever more control over a petulant private sector that seemingly cannot understand all the good things coming out of Washington these days!