this post was submitted on 17 Jan 2024
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The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.

The change could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement. Exactly how much revenue depends on which version of the new regulation is adopted.

Banks charge a customer an overdraft fee if their bank account balance falls below zero. Overdraft started as a courtesy offered to some customers when paper checks used to take days to clear, but proliferated thanks to the growing popularity of debit cards.

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[–] [email protected] 8 points 11 months ago (1 children)

Leading this with - I will vote, and I will vote for democrats if it’s what’s needed.

But the reason I view the (objectively good) things that he’s doing with a grain of salt is that it feels like he’s only doing them because of an impending election.

Why - when the democrats had control of all 3 branches of government in 2020 and 2021 did they not do anything that mattered?
They could have unpacked the courts by expanding them. They could have ensured abortion rights. They could have fixed the voting rights act (or implemented something that addresses gerrymandering, racial or otherwise). They could have overturned Medicare Part D. They could have fixed the compromises made when the ACA was written. They could have fixed the Citizens United decision. They could have amended the TCJA so that the tax cuts for the wealthy sunset alongside with the tax cuts for the poor (or even flipped it, so the tax cuts for the poor are made permanent, and the tax cuts for the wealthy sunset, unlike how it was written)!
They could have done so very, very much. But instead they wrung their hands about Manchin and Sinema, claiming that’s why they were a ‘do-nothing’ congress, and waited to lose the house so they could claim gridlock and return to merely being an alternative to republicans.

But even the core of that justification is dumb. They could have supported candidates prior to 2020 that weren’t just republicans running on the democrat ballot.

The issue I think people have with Biden is not that he himself is a bad guy (although he did contribute majorly to the prison-industrial system in the U.S., and championed preventing student loan discharge through bankruptcy when he was a senator).
It’s that he’s the figurehead of a political party that is more interested in gaming the system than they are in leading the people it is supposed to represent. The only real difference between democrats and republicans in that regard is that republicans deliver on their (often wildly unpopular) policies, and their base respects them for it, even if it means they will die homeless in a polluted gutter.
The Democratic Party, and by extension, Joe Biden, do not lead, and thusly do not earn respect. Their moves are only the smallest incremental moves, and that does not work at a time when the world and society is redefining itself several times within each generation.

Man. Sorry. My soapbox is tall today.

[–] [email protected] 2 points 11 months ago (1 children)

I totally get that and I do not like the situation, but when the choice is with or without lube im not going to forego the lube in protest of the situation.

[–] [email protected] 1 points 11 months ago (1 children)

I’m there, too. It’s just such a gross compromise.

The crux of the issue is probably structural. If you only get two choices and both are chasing the same sources of money in a system that heavily favors a very small set of investors, then, well… any effort to get votes by distinguishing themselves is ultimately performative.

In the end, we all wind up getting served shit sandwiches, but one party tells us they don’t want to feed them to us, and the other party has convinced their voters that shit sandwiches are delicious, or at least more offensive to ‘them’ than they are to ‘us.’

[–] [email protected] 3 points 11 months ago

Its just getting worse to. Citizens united really bufu'd our system massively. Republicans may have been usually the worse option but there were individuals who it made sense to vote for. But decade by decade that just disapeared. By 2000 or so (citizens united) it was such that could never vote for one and since then its become literally life and death. Its become a bit like modern media. Something not being totally crappy or massively screwed up is reason to praise.