- US House may not kill debit card fee limits: banking panel chair by Rawstory. Somebody tell me how to feel about this.
- Apple is in talks to launch its own Venmo by Recode. This could be incredibly useful or an absolute non-story depending on what is and isn’t allowed.
- Lyft, Uber Enter Underserved Healthcare Market by Jetsetter. Would be good if they both improved their access for people with a disability for regular rides as well.
- Fans of bank account bonuses may want to read this comment. Fingers crossed it works for more readers, when we have more datapoints we will repost it.
In reality, the “free market” is a bunch of rules about (1) what can be owned and traded (the genome? slaves? nuclear materials? babies? votes?); (2) on what terms (equal access to the internet? the right to organize unions? corporate monopolies? the length of patent protections? ); (3) under what conditions (poisonous drugs? unsafe foods? deceptive Ponzi schemes? uninsured derivatives? dangerous workplaces?) (4) what’s private and what’s public (police? roads? clean air and clean water? healthcare? good schools? parks and playgrounds?); (5) how to pay for what (taxes, user fees, individual pricing?). And so on.
These rules don’t exist in nature; they are human creations. Governments don’t “intrude” on free markets; governments organize and maintain them. Markets aren’t “free” of rules; the rules define them.
“US House may not kill debit card fee limits: banking panel chair by Rawstory. Somebody tell me how to feel about this.”
If you support the free market: Be upset that the government will continue with its price fixing.
If you want lower costs at retail: Be happy that merchants aren’t going to be charged more for debit processing.
If you want banks to have more money to throw at bonuses: Be upset that the government is restricting their income streams.
The durbin amendment paves the way for cc>VGC>mo, but it also effectively prohibits any type of debit rewards.