Tuesday, October 04, 2011


Understanding the Whole Debit Card Mess

Thanks to the Instapundit for tipping me off to a column by Professor Richard Epstein of the Hoover Institution that thoroughly explains how the debit card mess came about and why it is really the government's fault (specifically, Illinois Senator Dick Durbin and President Obama) that Americans and eventually the larger banks are being squeezed for no reason.

The column concludes:

The greater tragedy, however, lies in the overheated political scene that
allows demagogues like Senator Durbin to get his way. The current economy has
enough trouble without the Durbin Amendment. One of the economy’s bright spots
was the debit card, which in hard times became the life-line of millions of
people. Its use, measured both by card swipes and dollar levels, far exceeded
that of the credit-card. What possible reason is there for Congress and the
president to meddle in one of the few systems that work, even if the courts will
roll over to whatever they do? There is no one thing that can fix the American
economic system or its horrific political climate. But the prompt repeal of the
odious Durbin Amendment would be a fine place to start making amends.

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Yeah the Durbin amendment introduced me to unemployment.
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