After writing this recent post regarding Dick Durbin's stupid debit card amendment, I happened to see him on CNBC yesterday morning attempting to defend it.
My remarks concerning his lack of experience in the real world really showed. He actually contended that retailers are so competitive that any debit fee savings would be seen in lower product prices at those retailers.
Senator (R-TN) Tom Corker, who actually had a successful business career before entering politics, came on after Durbin to blatantly dispute Durbin's idiotic remarks. Specifically, Corker said that nobody's going to rebate those fees to any consumers. They just increase margin.
Durbin went on to claim that with only two payment systems, it was hardly a 'free market.' Well, Dick, it's one more alternative than having a Senate full of uninformed blowhards just arbitrarily set the damn price, isn't it?
And, as Corker noted, nobody forces retailers to accept credit or debit cards. The choice is theirs, and those that do must think the fees paid for the card transactions are worth the added business or credit risk management.
Either way, Durbin's live remarks were simply preposterous.
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