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View Diary: We don't need your deposits, a bald faced lie. (9 comments)

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  •  The banks' cash position and requirements also (1+ / 0-)
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    helps explain their all out war against the consumer protection bureau and Elizabeth Warren. As Marvinblog mentioned, those toxic assets didn't go away. They're a time bomb that hasn't been defused, only delayed. The banks' strategy for raising enough cash to cover that inevitable explosion is to jack up customer fees, including credit card interest rates, deposit fees, and myriad "tricks and traps".

    But Warren's agency would mostly prevent banks from implementing that strategy. It would protect consumers from the hidden fees, usurious interest rates, and abusive tactics that the banks are counting on to shore up their assets. And that's why the banks are so vociferous in attacking Warren. Her work is preventing them from effectively bailing themselves out on the backs of consumers.

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