There are many observations that can be made about President Obama’s remark Monday to ABC News that businesses “don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated.” In and of itself, this comment reveals much about his beliefs and knowledge (or lack thereof) on economics, consumer choice, and the private sector in general.
But in the context in which it was made — Bank of America, Citi, and other banks’ recently announced debit-card and checking-account fees for consumers, which they are charging to recoup losses from the Dodd-Frank financial-overhaul law’s price controls on debit-card fees charged to retailers — what must first be said is that he was lecturing the wrong set of Fortune 500 corporations. The price controls were added to the law by an amendment from Senate majority whip Dick Durbin (D., Ill.).
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