Too Big To Fail Means Too Big To Save
CNN Money is reporting that JP Morgan Chase, along with several other "Too Big To Fail Banks," are proposing a cap on your debit card purchases of just $50 or $100 per transaction. This proposal comes on the heels of new Wall Street legislation passed last year meant to protect consumers. The reason for this? Needless to say, it all comes down to money. Currently, each time you use your debit card to make a purchase, the bank charges the retailer $0.44 per transaction, but new legislation has cut that down to a limit of $0.12 and the banks are out to make up the difference. Finding loopholes in the system is why those CEOs get paid the big bucks.
Saudi Arabia's "Day of Rage" Comes Early; Camels Seen Fueling Up For $150 Oil.
It seems Saudi Arabia's "Day of Rage" is starting early. Protests in the city of Qatif turned violent when the Police began to open fire on the protesters. Officials said they will "take all measures necessary" to prevent an uprising and they "will not tolerate protests." Nevertheless, several hundred people marched in the streets demanding change a full day before scheduled protests. Caravans of camels were seen fueling up in advance.
Gas At $3.52 Is "No Problem" But Gas At $4.00 Is.
Exxon's CEO Rex Tillerson said "oil prices are not yet hurting US economy, but $4 gas would hit families." This stroke of pure genius of course comes as the national average for regular gas touches $3.52, with some parts of the country already over $4.00. One only needs to scroll down to the bottom of the news page and read the angry comments to know it won't take $4.00 gasoline in the US to start a day of rage here, nor that most overpaid CEOs are entirely out of touch with reality when it comes to the middle class.
Lock Up The Cheese, Use "Emergency Powers"
Protests in the Cheese State are once again heating up to boiling temperatures. Soon after 12PM EST today, the Wisconsin Capitol building was placed on lockdown when protesters and lawmakers tried to make their way in and several protesters were arrested. Tensions built further after Governor Walker said he'll sign a bill to strip nearly all collective bargaining rights "as quickly as I can." Which is why I suppose Governor Snyder of Michigan is seeking to establish "Emergency Powers" now, before things turn ugly there as well.
During A Global Economic Depression, It's Good To Be A Billionaire.
Feeling poorer lately and wondering where all the money is? Then ask the world's Billionaires. Forbes is reporting that its Billionaire list grew to 1,210 members, up 199 members from last year, and the best part -- the world' wealthiest individuals got even wealthier by an incredible $1Trillion. That's Trillion with a capital "T" just so you know. Isn't "trickle down economics" delightful? The only question the middle class wants to know is when they will begin to feel that trickle.