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AP’s Choi Fails to Identify the Law, the President, or the Political Party Responsible for New Debit-Card Fees

If you only read Thursday's coverage of Bank of America's decision to impose a $5 monthly debit card fee by Associated Press Personal Finance Writer Candice Choi, you would have no idea that last year's “Dodd–Frank Wall Street Reform and Consumer Protection Act” triggered BofA's decision. The legislation gave the Federal Reserve the power to limit debit card interchange fees. The Fed's limit — 21 cents plus 0.5% of each purchase transaction — basically cut the banks' fees by about half from their pre-Dodd-Frank level. CardHub.com estimates that the cap will reduce banks' fee income by $9.4 billion annually. Ms. Choi only cited the existence of “a new rule” in her opening paragraph. She then waited until the ninth paragraph to vaguely cite the existence of “a regulation.” It hardly seems accidental that most news consumers who didn't follow the fee fight a year ago will probably have the impression that banks are driving the fee increases, as the following excerpt will demonstrate (bolds are mine): More bad news for bank customers: Debit card fees Bank of America will start charging debit-card users $5 a month to pay for purchases. The move comes as the cards increasingly replace cash and as banks look for ways to offset the loss of revenue from a new rule that will limit how much they can collect from merchants. Paying to use a debit card was unheard of before this year and is still a novel concept for many consumers. But several banks have recently introduced or started testing debit card fees. That's in addition to the spate of other unwelcome changes checking account customers have seen in the past year. Bank of America will begin charging the fee early next year. … Customers will only be charged the fee if they use their debit cards for purchases in any given month, said Anne Pace, a Bank of America spokeswoman. Those who only use their cards at ATMs won't have to pay. The debit card fee is just the latest twist in the rapidly evolving market for checking accounts. A study by Bankrate.com this week found that just 45 percent of checking accounts are now free with no strings attached, down from 65 percent last year and 76 percent in 2009. … The changes come ahead of a regulation that goes into effect next month. Starting Oct. 1, the regulation will cap the fees that banks can collect from merchants whenever customers swipe their debit cards. … There is no similar cap on the merchant fees that banks can collect when customers use their credit cards, however. That means many banks are increasingly encouraging customers to reach for their credit cards, in hopes of reversing a trend toward debit card usage in the past several years. Ms. Choi never identified what law drove the need for the fee (Dodd-Frank), who championed it (President Barack Obama), who passed the law (the Democratic Congress led by House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid), which Senator pushed for the fee cap (Illinois Democrat Dick Durbin, who of course is claiming the new fees aren't his fault ), or who issued the rule (the Fed). There's room for discussion as to whether capping merchant fees for debit-card transactions has merit. But there's no good excuse for Ms. Choi's failure to report how the cap came about and who's responsible. I suppose she may claim that she's “only” a personal finance writer and not a political reporter, but that doesn't cut it. As written, it could have been the American Bankers Association and not the federal government which imposed the rule. Choi's writeup enables those who passed the legislation and issued the rule to partially avoid accountability for what they've done, and would seem to betray a belief on her part that readers would not be pleased with them if they knew. Free checking is starting to disappear, and fee fever is growing. Why it's happening — because of so-called “consumer” legislation — is news, Candice. Cross-posted at BizzyBlog.com .

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Thom Hartmann: Ronald Reagan Caused ‘Going Postal’ Murders

Liberal talk radio will say almost anything to attack Ronald Reagan. Lately, they've been in a dither over plans to curtail the Postal Service. So Reagan inspired shootings at the post office? On Thursday's edition of the Thom Hartmann Show, a caller insisted:

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Playing the ‘Can’t They All Just Get Along Game’ in the Wake of GOP Obstruction

Click here to view this media In yet another example of CNN allowing one of their guest to play the “both sides are obstructionists” and a lack of bipartisanship is what’s wrong with our politics game, frequent contributor Prof. Peter Morici does his best to lie to their audience about who is actually making sure that nothing gets done in Washington D.C. — as long as Republicans’ primary goal is to make sure that President Obama is not reelected instead of allowing the economy to improve. Here’s Morici on Saturday’s Your Money : VELSHI: So the work needs to be done to fix this economy outside of Washington in the private sector. But the idea there is a road map, there is some destination and there are some agreement as to how to get there is the thing that is going to help businesses make those decisions to employ people. So ultimately the gridlock you’re saying, Diane, is a large part of the problem. Peter Morici, what’s the logical fix to that? Do we have to wait for 14 months for an election to finally have the people somehow send the message that you guys have to get something done in Washington? Are we still going to see this reactionary politics that plays its way all the way down to the voter who now is going to vote on choices that affect them personally? MORICI: The fact of the matter is we’re going to see marginal action on the president’s plan. Even the Democrats in the Senate are putting it off. My feeling is there will be a package. It won’t be nearly as comprehensive as the president likes. But a basic problem we have is that when the Republicans win, they think they should get everything their way and the Democrats think they should obstruct. When the Democrats win, they think they should get everything their way and Republicans think they should obstruct. The reality is folks do want government — Americans are moderate. They want solutions in the middle. Until politicians are willing to do that, we’re going to have this seesawing in elections. I mean, that’s all there is to it and we’re going to be a country divided. But I think there are real solutions to getting the private sector going. We haven’t had a clear vision from the White House how to do that beyond stimulus. And frankly on the Republican side, cutting taxes and deregulating doesn’t warm me up. Naturally what Morici fails to mention here is that Democrats have not been the ones unwilling to negotiate, to a fault I would say. It’s been the Republicans and to the point that they’re even refusing to vote for their own ideas if heaven forbid those ideas might somehow even marginally improve the economy. We’ve already written about the level of GOP obstruction we’ve been watching over the last couple of years at Video Cafe. Steve Benen wrote a post on this earlier this year here — Evil vs. Disgusting — which did a really good job laying out just how craven the Republican’s strategy has been that bears repeating here in the wake of Morici’s remarks. Regular readers know that we’ve been keeping an eye on the “ sabotage ” question, wondering whether congressional Republicans would consider hurting the economy on purpose, for purely partisan reasons. Just this month, some high-profile, mainstream pundits have begun exploring the issue , and just last week, two of Congress’ most powerful Democrats broached the same subject . Michael Tomasky went even further the other day, arguing that Democrats should start “saying openly what has been clear for months or even years now — that as long as economic recovery would work to the political benefit of Barack Obama, the Republicans have been, are, and will be in favor of sabotaging the economy.” Tomasky added this is “obvious,” though many consider the question to “impolite” to repeat. Rachel noted, among other things, that the congressional GOP has decided it’s against their own ideas about helping the economy, which necessarily raises some awkward questions about their motivations. Keep in mind, for much of the country, the problem with policymakers and the economy is that Washington lacks “leadership” and the “political will” to make things better. These assumptions are wrong — the problem is a major party that controls the House and can block at will in the Senate appears unwilling to consider any measures that could improve the economy, and demands measures that would make matters worse. During the segment after the clip at the top of the post, host Ali Velshi, Morici and Mesirow financial economist Diane Swonk went on to discuss what they thought some of the solutions out there might be for job creation in the United States. And what were those? The first one suggested was naturally lowering the tax rates on corporate America and supposedly closing some of those loopholes we know is never going to happen at the behest of that great bastion of bipartisanship, Sen. Pat Toomey (R-Club for Growth). Following that, they did actually talk about a few things I agree with, like doing something for underwater homeowners instead of the banks, and the fact that businesses are hurting right now because we just don’t have enough demand and that government can play a role in helping in that regard although I disagree with their premise that ultimately it’s all up to the private sector to see that happen in the long term. If government doesn’t step in and protect American workers, the private sector is going to continue to do nothing but have a race to the bottom on wages and benefits all in the name of taking care their stockholders and bonuses for their CEO’s. What irked me when watching this is that not once did they point to the GOP and let their viewers know what Steve Benen wrote about in his post, and that is the Republicans are obstructing everything possible for the sole purpose of hoping that if our economy is in the tank, President Obama does not get reelected. They also, of course, failed to address the real divide we’ve got in America right now and it’s not a problem with the divide between Republicans and Democrats. It’s a problem with the divide between the powerless in America and the ultra-rich who are controlling so much of the wealth in the country as the middle class disappears. Nor did they discuss the problem with our politicians having to raise endless amounts of money to get reelected and being beholden to those they’re taking the money from once they get in office — and companies like CNN benefiting from the political advertising money that follows — so they have no interest in trying to do anything about it because it’s earning them a handsome profit. And if you go read the entire transcript from the show which is linked above, it wasn’t just this segment that was playing the “can’t all of the politicians just get along” game. It was repeated over and over again during the entire hour, even from one of their so-called liberals they had on there, Roland Martin, who said this later in the program: MARTIN: I recall President George W. Bush coming in, in 2000 saying I want to end partisanship in Washington, D.C. What happened? I heard President Obama, then Senator Obama, say in 2008, I want to come into Washington, D.C. No politician, Democrat or Republican, they have to be able to confront the problem that you have few moderate Republicans, and you have a decreasing number of conservative Democrats. As long as you have people who are on the extremes, you cannot bring folks together. We still are a split nation. That’s the fundamental problem that we have. Just replace “moderate” with the word “corporate” and maybe what Martin said could be considered a halfway honest statement other than the fact that he’s calling those on the left who are tired of a race to the bottom and actually want to fix our economy instead of rigging it for Wall Street and the rich “extremists.” That and the fact that he is actually pretending that there is a single person left in the Republican Party that you could rightfully call a “moderate.” Sorry Martin, but they’re long gone. Just not obstructing every single things Democrats do just because they’re Democrats doesn’t suddenly earn someone the title of “moderate.” Here’s the follow up with Velshi, Swonk and Morici discussing what they thought needed to be done to help the unemployment in the U.S. that I already wrote about above. Click here to view this media

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Obama HRC Speech 2011: President Talks Gay Rights At Human Rights Campaign Dinner

WASHINGTON — President Obama forcefully called for the repeal of the Defense of Marriage Act on Saturday night at the annual Human Rights Campaign fundraising dinner, but he did not come out in support of marriage equality, as some hoped he would do. The 3,000 attendees at the dinner, which took place at the Washington Convention Center, gave the president multiple standing ovations when he touted the repeal of “don’t ask, don’t tell,” hospital visitation rights for same-sex couples and spoke out against the bullying of LGBT youth. The most electric reaction, however, came when Obama sharply criticized the GOP presidential candidates for staying silent when audience members at a debate booed a gay soldier who asked a question about DADT. “We don’t believe in the kind of smallness that says it’s okay for a stage full of political leaders — one of whom could end up being the president of the United States — being silent when an American soldier is booed. We don’t believe in that,” said Obama to loud cheers and a standing ovation. “We don’t believe in standing silent when that happens. We don’t believe in them being silent since. You want to be commander in chief? You can start by standing up for the men and women who wear the uniform of the United States, even when it’s not politically convenient. We don’t believe in a small America. We believe in a big America — a tolerant America, a just America, an equal America — that values the service of every patriot.” Notably at Saturday’s dinner, there was a table filled with servicemembers — both active-duty and retired — wearing their uniforms. HRC spokesman Michael Cole-Schwartz said it was a first for active-duty members to do so, since it’s also the first post-DADT dinner. Last week, Obama also chastised the audience at the GOP debate for booing the soldier, but this is the first time that he forcefully went after the candidates for their silence. Obama referenced the remarks he gave at the annual HRC dinner two years ago, when he acknowledged the frustration that many LGBT activists had with his administration. He said it wasn’t appropriate to tell them to wait anymore than it was for “others to counsel patience to African Americans petitioning for equal rights half a century ago.” “We’ve got more work ahead of us. But we can also be proud of the progress we’ve made these past two and a half years. Think about it,” he said, mentioning the repeal of DADT, new hospital visitation rights for same-sex couples and hate crimes legislation protecting LGBT individuals. “I need your help to fight for equality, to pass a repeal of DOMA, to pass an inclusive employment non-discrimination bill, so that being gay is never again a fireable offensive in America,” said Obama. “And I don’t have to tell you, there are those who don’t want to just stand in our way, but want to turn the clock back, who want to return to the days when gay people couldn’t serve their country openly. Who reject the progress we’ve made. Who … want to enshrine discrimination in state laws and constitutions — efforts that we’ve got to work hard to oppose, because that’s not what America should be about. We’re not about restricting rights and restricting opportunity.” Obama also cited the White House summit he held to fight youth bullying, saying it was an issue his administration would continue to press. “Together, we also have to keep sending a message to every young person in this country who might feel alone or afraid because they’re transgender,” he said. “They may be getting picked on or pushed around because they’re different. We’ve got to make sure they know there are adults they can talk to, that they are never alone, that there is a whole world waiting for them, filled with possibility. … And I want all those kids to know the president and the first lady is standing right by them every inch of the way. I want them to know we love them and care about them, and they’re not by themselves.” The dinner was the last one under the helm of HRC President Joe Solomnese, who has led the organization since 2005 and recently announced he would be stepping down. “No president has done more to improve the lives of LGBT people than President Obama,” said Solomnese in his introduction of the president. “No longer will gay and lesbian couples be kept apart when we are at our most vulnerable, at the hospital, thanks to President Obama. He kept his word, and he ushered in the end of DADT while others promised to reopen the wounds of that discriminatory policy. And unlike those who want to keep same-sex couples as strangers under federal law, our president has called the Defense of Marriage Act unconstitutional and indefensible.” Also attending the event were Rep. Tammy Baldwin (D-Wis.), musician Cyndi Lauper, New York City Mayor Michael Bloomberg, actress Sarah Jessica Parker, former Second Lady Tipper Gore and actor Jesse Tyler Ferguson. CORRECTION: An earlier version of this report incorrectly referred to Tipper Gore as the former First Lady. She is the former Second Lady.

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Obama HRC Speech 2011: President Talks Gay Rights At Human Rights Campaign Dinner

WASHINGTON — President Obama forcefully called for the repeal of the Defense of Marriage Act on Saturday night at the annual Human Rights Campaign fundraising dinner, but he did not come out in support of marriage equality, as some hoped he would do. The 3,000 attendees at the dinner, which took place at the Washington Convention Center, gave the president multiple standing ovations when he touted the repeal of “don’t ask, don’t tell,” hospital visitation rights for same-sex couples and spoke out against the bullying of LGBT youth. The most electric reaction, however, came when Obama sharply criticized the GOP presidential candidates for staying silent when audience members at a debate booed a gay soldier who asked a question about DADT. “We don’t believe in the kind of smallness that says it’s okay for a stage full of political leaders — one of whom could end up being the president of the United States — being silent when an American soldier is booed. We don’t believe in that,” said Obama to loud cheers and a standing ovation. “We don’t believe in standing silent when that happens. We don’t believe in them being silent since. You want to be commander in chief? You can start by standing up for the men and women who wear the uniform of the United States, even when it’s not politically convenient. We don’t believe in a small America. We believe in a big America — a tolerant America, a just America, an equal America — that values the service of every patriot.” Notably at Saturday’s dinner, there was a table filled with servicemembers — both active-duty and retired — wearing their uniforms. HRC spokesman Michael Cole-Schwartz said it was a first for active-duty members to do so, since it’s also the first post-DADT dinner. Last week, Obama also chastised the audience at the GOP debate for booing the soldier, but this is the first time that he forcefully went after the candidates for their silence. Obama referenced the remarks he gave at the annual HRC dinner two years ago, when he acknowledged the frustration that many LGBT activists had with his administration. He said it wasn’t appropriate to tell them to wait anymore than it was for “others to counsel patience to African Americans petitioning for equal rights half a century ago.” “We’ve got more work ahead of us. But we can also be proud of the progress we’ve made these past two and a half years. Think about it,” he said, mentioning the repeal of DADT, new hospital visitation rights for same-sex couples and hate crimes legislation protecting LGBT individuals. “I need your help to fight for equality, to pass a repeal of DOMA, to pass an inclusive employment non-discrimination bill, so that being gay is never again a fireable offensive in America,” said Obama. “And I don’t have to tell you, there are those who don’t want to just stand in our way, but want to turn the clock back, who want to return to the days when gay people couldn’t serve their country openly. Who reject the progress we’ve made. Who … want to enshrine discrimination in state laws and constitutions — efforts that we’ve got to work hard to oppose, because that’s not what America should be about. We’re not about restricting rights and restricting opportunity.” Obama also cited the White House summit he held to fight youth bullying, saying it was an issue his administration would continue to press. “Together, we also have to keep sending a message to every young person in this country who might feel alone or afraid because they’re transgender,” he said. “They may be getting picked on or pushed around because they’re different. We’ve got to make sure they know there are adults they can talk to, that they are never alone, that there is a whole world waiting for them, filled with possibility. … And I want all those kids to know the president and the first lady is standing right by them every inch of the way. I want them to know we love them and care about them, and they’re not by themselves.” The dinner was the last one under the helm of HRC President Joe Solomnese, who has led the organization since 2005 and recently announced he would be stepping down. “No president has done more to improve the lives of LGBT people than President Obama,” said Solomnese in his introduction of the president. “No longer will gay and lesbian couples be kept apart when we are at our most vulnerable, at the hospital, thanks to President Obama. He kept his word, and he ushered in the end of DADT while others promised to reopen the wounds of that discriminatory policy. And unlike those who want to keep same-sex couples as strangers under federal law, our president has called the Defense of Marriage Act unconstitutional and indefensible.” Also attending the event were Rep. Tammy Baldwin (D-Wis.), musician Cyndi Lauper, New York City Mayor Michael Bloomberg, actress Sarah Jessica Parker, former Second Lady Tipper Gore and actor Jesse Tyler Ferguson. CORRECTION: An earlier version of this report incorrectly referred to Tipper Gore as the former First Lady. She is the former Second Lady.

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The biggest problem with the Occupy Wall Street movement is its demands: “It doesn’t really have any,” writes Nicholas Kristof in the New York Times . While he’s not anti-market like many of the protesters, Kristof does think America’s financial institutions have grown out of control—”In effect, the banks socialized…

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The ugly tanking of government-funded solar-energy company Solyndra has many people questioning whether Energy Secretary Steven Chu can handle the job, reports Politico . “Just because you are a Nobel Prize-winning physicist doesn’t mean you’d be a good orthopedic surgeon,” criticized a Bush-era Energy Department official. “They’re different skill sets.”

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‘Niggerhead’: Washington Post Publishes Racially Charged Front Page Hit Piece on Rick Perry

In 2006, the Washington Post lead a racially charged smear campaign against former Senator George Allen (R-Va.) involving the previously unknown word “macaca.” On Sunday, the Post prominently featured a 3000-word, racially charged, front page hit piece involving Texas governor Rick Perry and a decades old bit of graffiti reading “Niggerhead”: In the early years of his political career, Rick Perry began hosting fellow lawmakers, friends and supporters at his family’s secluded West Texas hunting camp, a place known by the name painted in block letters across a large, flat rock standing upright at its gated entrance. “Niggerhead,” it read. Ranchers who once grazed cattle on the 1,070-acre parcel on the Clear Fork of the Brazos River called it by that name well before Perry and his father, Ray, began hunting there in the early 1980s. There is no definitive account of when the rock first appeared on the property. In an earlier time, the name on the rock was often given to mountains and creeks and rock outcroppings across the country. Over the years, civil rights groups and government agencies have had some success changing those and other racially offensive names that dotted the nation’s maps. But the name of this particular parcel did not change for years after it became associated with Rick Perry, first as a private citizen, then as a state official and finally as Texas governor. Some locals still call it that. As recently as this summer, the slablike rock — lying flat, the name still faintly visible beneath a coat of white paint — remained by the gated entrance to the camp. “There is no definitive account of when the rock first appeared on the property.” Which means the Perrys were not responsible for placing it there. Quite the contrary, as author Stephanie McCrummen relays over 3000 words, Perry and his family routinely painted over the offensive graffiti and eventually turned the rock it was painted on over so that it was completely hidden from view. So why would the Post give so much print space to such an article? He grew up in a segregated era whose history has defined and complicated the careers of many Southern politicians. Perry has spoken often about how his upbringing in this sparsely populated farming community influenced his conservatism. He has rarely, if ever, discussed what it was like growing up amid segregation in an area where blacks were a tiny fraction of the population.

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‘Niggerhead’: Washington Post Publishes Racially Charged Front Page Hit Piece on Rick Perry

In 2006, the Washington Post lead a racially charged smear campaign against former Senator George Allen (R-Va.) involving the previously unknown word “macaca.” On Sunday, the Post prominently featured a 3000-word, racially charged, front page hit piece involving Texas governor Rick Perry and a decades old bit of graffiti reading “Niggerhead”: In the early years of his political career, Rick Perry began hosting fellow lawmakers, friends and supporters at his family’s secluded West Texas hunting camp, a place known by the name painted in block letters across a large, flat rock standing upright at its gated entrance. “Niggerhead,” it read. Ranchers who once grazed cattle on the 1,070-acre parcel on the Clear Fork of the Brazos River called it by that name well before Perry and his father, Ray, began hunting there in the early 1980s. There is no definitive account of when the rock first appeared on the property. In an earlier time, the name on the rock was often given to mountains and creeks and rock outcroppings across the country. Over the years, civil rights groups and government agencies have had some success changing those and other racially offensive names that dotted the nation’s maps. But the name of this particular parcel did not change for years after it became associated with Rick Perry, first as a private citizen, then as a state official and finally as Texas governor. Some locals still call it that. As recently as this summer, the slablike rock — lying flat, the name still faintly visible beneath a coat of white paint — remained by the gated entrance to the camp. “There is no definitive account of when the rock first appeared on the property.” Which means the Perrys were not responsible for placing it there. Quite the contrary, as author Stephanie McCrummen relays over 3000 words, Perry and his family routinely painted over the offensive graffiti and eventually turned the rock it was painted on over so that it was completely hidden from view. So why would the Post give so much print space to such an article? He grew up in a segregated era whose history has defined and complicated the careers of many Southern politicians. Perry has spoken often about how his upbringing in this sparsely populated farming community influenced his conservatism. He has rarely, if ever, discussed what it was like growing up amid segregation in an area where blacks were a tiny fraction of the population.

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Ken Burns’ latest mega-documentary, Prohibition , starts a three-night run tomorrow on PBS. Reviewers are praising the 5 1/2-hour survey of America’s war on booze, but warn that it’s a bit slow and may reveal its best stuff in the first episode: “It’s a great subject with many present-day echoes, as…

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