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No, I want to hear the warped logic.

Then again, it may just be: no income for the banks, they go bust, who will provide banking services to poor people? kind of retarded mental gymnastics.

Under very, very limited circumstances, maybe. Like you need gas to get to work now, get paid tomorrow, and have nothing in your account? Yeah, maybe, but that's an expensive tank of gas for someone that's that short on cash.

OTOH, I can't count the number of times where my former bank processed my paycheck last--even though it went in first--and then hit me with overdraft fees for buying groceries, gas, paying bills, etc. (This was National City Bank; they ended up losing a class action lawsuit about it, but they still made more money from their theft than they had to pay back out.)

IMO, there should be zero overdraft fees; if the money isn't in your account, the charge is declined. All of this shit should be done in real-time, instead of waiting for a merchant to post at the end of the day. This is the twenty-fucking-second century, and it's not that goddamn hard.

Megan McArdle is the dumbest bitch in the world. I refuse to click on anything she writes because her shitty takes don't deserve views. She's actually a big part of why I unsubscribed from WaPo (that and the whole neolib vibe) because I want zero of my dollars benefiting her.

Checked what else she has written, the next article along was seriously "How far should we be willing to go to silence Nazis?"

She's worried that if Nazi's can't have their free speech then they'll come for the white supremacists who don't identify as Nazis next...and that apparently sets a very dangerous precedent!!

Megan is a national treasure.

You can always count on her to selflessly use her to name to publish the most absurdly dog shit arguments to defend corporations and the powerful.

She's also pretty dumb.

If banks are funded by the government (ongoing bailouts and ridiculously beneficial laws for them) then they should be considered a public service and available to everyone, at least at a basic level

If we cap overdraft fees, how will banks make up the lost revenue?

Get in the fucking sea.

Something something most of Europe does not allow you to overdraft your account and people get by just fine something

Yeah stop talking about corpos like they're forces of nature or phenomena . "Oh if the bank no money then no loans or whatever" nah that's a choice. Made by people. People with cars that can be keyed. Allegedly.

There's always some sheltered, rich, idiot, on the Internet who will argue against literally anything.

Megan McFuckwit should probably shut the fuck up, the class traitor.

I mean, the real issue is wealth inequality...

Instead of trying to fix all the different symptoms, we should fix the underlying problem causing them all

But I doubt that's what the article is saying.

Obv the banks can fuck off, but I do seriously worry that we'll see a response from banks regarding this, and it will probably be an increase in banks requiring your account to hold a minimum balance. They're both pretty bad, so I'm not sure which is worse, but larger minimum balance requirements could push some people out of reach of a local bank account.

Couldn’t you just… opt out of overdrafting?

well, duh. Your Bank will just stop allowing you to overdraft, declining your Transactions.

McArdle has described herself as a "right-leaning libertarian."[23] David Brooks categorized her as part of a group of bloggers who "start from broadly libertarian premises but do not apply them in a doctrinaire way.

McArdle began blogging in November 2001 with a blog called "Live From The WTC," which arose from her employment with a construction firm involved in cleanup at the World Trade Center site following the September 11 attacks. She wrote under the pen name "Jane Galt," playing on the name "John Galt," a central character in Ayn Rand's Objectivist novel Atlas Shrugged. In November 2002 she renamed the site "Asymmetrical Information," a reference to the economics term of the same name. That blog had two other occasional contributors, Zimran Ahmed (writing under the pen name "Winterspeak"), and the pseudonymous "Mindles H. Dreck."

McCardle was an outspoken supporter of the Iraq War both before and after the invasion by the United States. She later made a partial admission of error for this position [10]

Another post by McArdle, from April 2005, discusses why she takes no position on the issue of same-sex marriage. She wrote: "All I'm asking for is for people to think more deeply than a quick consultation of their imaginations to make that decision... This humility is what I want from liberals when approaching market changes; now I'm asking it from my side [libertarians], in approaching social ones."[11]

In 2009, she criticized an article in Playboy by eXile Online editors Mark Ames and Yasha Levine which detailed the influence of the Koch brothers in American and Tea Party politics. Playboy took down the article as a result of the negative response.[13]

McArdle has been critical of the libertarian politician Ron Paul, taking him to task for not strongly disavowing racist statements that appeared in his newsletters,[25] arguing against his championing of tax credits, and accusing him of lacking specificity about cutting government spending.[26] McArdle was also quoted as saying that Ron Paul "doesn't understand anything about monetary policy," and that "he wastes all of his time on the House Financial Services Committee ranting crazily."[27]

Lol

Since 2009, McArdle has argued extensively against instituting a system of national health insurance in the United States, and specifically against the federal health care reform bill the Patient Protection and Affordable Care Act, which was signed into law in March 2010. In addition to a number of blog posts on the subject, she also wrote an article, "Myth Diagnosis," in the March 2010 Atlantic.[31]

In a July 2009 blog post, McArdle listed two reasons that she objected to such a system: first, that it would stifle innovation, because "Monopolies are not innovative, whether they are public or private," and second, that "Once the government gets into the business of providing our health care, the government gets into the business of deciding whose life matters, and how much."[32] Commentator Ezra Klein of The Washington Post criticized this post, writing, "In 1,600 words, she doesn't muster a single link to a study or argument, nor a single number that she didn't make up (what numbers do exist come in the form of thought experiments and assumptions). Megan's argument against national health insurance boils down to a visceral hatred of the government."[33]

In an August 2009 post, McArdle reiterated, "My objection is primarily, as I've said numerous times, that the government will destroy innovation. It will do this by deciding what constitutes an acceptable standard of care, and refusing to fund treatment above that. It will also start controlling prices."[34]

In a comment to that post, McArdle stated, "The United States currently provides something like 80–90% of the profits on new drugs and medical devices. Perhaps you think you can slash profits 80% with no effect on the behavior of the companies that make these products. I don't." In a subsequent Washington Post online chat, a commenter asked her, "You said that medical innovation will be wiped out if we have a type of national health care, because European drug companies get 80% of their revenue from Americans. Where did you get this statistic?" McArdle responded that it was "a hypothetical, not a statistic." This was criticized in a blog post in The New Republic.[35] In response to this criticism, McArdle stated that she had misunderstood the question, and "thought the commenter was referring to the postulated hypothetical destruction of all US profits." She also stated that, though "there are no hard numbers available," she estimated that the U.S. contribution to pharmaceutical profits was at least 60%.[36]

McArdle married Peter Suderman, an associate editor for the libertarian magazine Reason, in 2010.[37]

https://en.wikipedia.org/wiki/Megan_McArdle

This woman is a Libertarian ass and her views come from the highest levels of privilege.

Honestly we need responses like this more often into society at this point.