6 ms·

I didn't think it was possible but banking shills apparently exist > If one wants free enterprise and reap its benefits who wants this from banking??? > one

I didn't think it was possible but banking shills apparently exist > If one wants free enterprise and reap its benefits who wants this from banking??? > one has to allow high profits for companies and see if competition takes care of the "problem" ah, yes - we've seen this work so many times before!

deleted 3y ago
[deleted]
bko 3y ago
I don't know. I kind of like competition in banking. I like free checking, ATM fee reimbursement, better customer service, better websites and apps, better alerting etc. You get that through competition for my deposits.
- gowld 3y ago
  That causes lower profits, so won't be affected by windfall tax.
  - bko 3y ago
    Maybe they won't but new competitors will see the outsized profits and try to get my business by offering these things. I have all these things at my bank (TD) so the system seems to work. This is pretty uncontroversial basic economics...
    - ilyt 3y ago
      How often you see "new competitors" in banking come up now ?
      - bko 3y ago
        Not often enough. You've seen the reverse due to high regulatory costs. If you're a healthcare provider in the US you often have to get a "certificate of need" to offer a service where a board full of competitors in the neighborhood determine if the neighborhood really "needs" this service: > CON programs primarily aim to control health care costs by restricting duplicative services and determining whether new capital expenditures meet a community need. https://www.ncsl.org/health/certificate-of-need-state-laws https://www.ncsl.org/health/certificate-of-need-state-laws
- webdood90 3y ago
  all of those trivial improvements for the low price of half a trillion dollars in bailouts
- ABCLAW 3y ago
  Interac is a great example of the opposite. The government of Canada had to strong arm the financial sector to create a non profit third party to allow zero cost transfers and a robust debit payment system. The banks have been lobbying to dramatically increase interchange and transaction fees on Interac payments for years to allow for an expansion in lucrative 'premium' credit card processing fees. Competition did nothing to stop industry alignment against consumer interests.
jntvjnvutnuvt 3y ago
We have seen that work many times actually if you know anything about economics and capitalism.
bilekas 3y ago
It's seems people have forgotten what the banks did in 2007 and before. It's wild to imagine complaining about them being taxed but few complained about bails out from tax payers.
- wsgeorge 3y ago
  > but few complained about bails out from tax payers. I'm sure there were a lot of complaints...
prepend 3y ago
> who wants this from banking??? I certainly do. I like have lots of choices and banking is important to me. I also like innovative new banking products. I wish there was free enterprise in banking, it seems like we have an oligopoly, in the US at least.
- webdood90 3y ago
  do you also enjoy bailouts?

deleted 3y ago

[deleted]

bko 3y ago

I don't know. I kind of like competition in banking. I like free checking, ATM fee reimbursement, better customer service, better websites and apps, better alerting etc. You get that through competition for my deposits.

gowld 3y ago
That causes lower profits, so won't be affected by windfall tax.
- bko 3y ago
  Maybe they won't but new competitors will see the outsized profits and try to get my business by offering these things. I have all these things at my bank (TD) so the system seems to work. This is pretty uncontroversial basic economics...
  - ilyt 3y ago
    How often you see "new competitors" in banking come up now ?
    - bko 3y ago
      Not often enough. You've seen the reverse due to high regulatory costs. If you're a healthcare provider in the US you often have to get a "certificate of need" to offer a service where a board full of competitors in the neighborhood determine if the neighborhood really "needs" this service: > CON programs primarily aim to control health care costs by restricting duplicative services and determining whether new capital expenditures meet a community need. https://www.ncsl.org/health/certificate-of-need-state-laws https://www.ncsl.org/health/certificate-of-need-state-laws
webdood90 3y ago
all of those trivial improvements for the low price of half a trillion dollars in bailouts
ABCLAW 3y ago
Interac is a great example of the opposite. The government of Canada had to strong arm the financial sector to create a non profit third party to allow zero cost transfers and a robust debit payment system. The banks have been lobbying to dramatically increase interchange and transaction fees on Interac payments for years to allow for an expansion in lucrative 'premium' credit card processing fees. Competition did nothing to stop industry alignment against consumer interests.

jntvjnvutnuvt 3y ago

We have seen that work many times actually if you know anything about economics and capitalism.

bilekas 3y ago

It's seems people have forgotten what the banks did in 2007 and before. It's wild to imagine complaining about them being taxed but few complained about bails out from tax payers.

wsgeorge 3y ago
> but few complained about bails out from tax payers. I'm sure there were a lot of complaints...

prepend 3y ago

> who wants this from banking??? I certainly do. I like have lots of choices and banking is important to me. I also like innovative new banking products. I wish there was free enterprise in banking, it seems like we have an oligopoly, in the US at least.

webdood90 3y ago
do you also enjoy bailouts?