Midknight Review -- new and revised: MasterCard and Visa plan on tripling their transaction fees to the merchant on debit cards.

MasterCard and Visa are planning on raising their rates on small ticket debit card sales to 23%. That means that for every dollar of retail sales, 23 cents will go to this charlatans. Most merchants currently pay 8 cents on the dollar. We have Obama and his jihad against Big Money (via Dodd/Frank) to thank for this situation. Federal caps on large ticket items will cost the banking industry some 6.6 billion dollars this coming year, beginning in October.

It is obvious that with this trend, there will come a day when small ticket sales will be a cash only item.

Thomas McCrohan, a market analyst, has this to say about this rather startling news:

“[T]his pricing change demonstrates the risk to small ticket merchants that accept debit cards. Self-service kiosks, such as DVD rentals, benefit from debit card acceptance/usage and will need to navigate a draconian price increase without alienating customers and possibly lead to broken business models. It also risks alienating important merchant partners, such as Starbucks (SBUX), who have been major payment innovators. These operators will be violently opposed to this price change, stall investments in NFC acceptance (mobile), and re-enforce merchants’ view that the networks are not friends of merchants.”

I am not a fan of credit cards, with the debit card being an exception. My wife and I have not had credit cards for several years, now, and we get along just fine. Indeed, it took a little "getting used to," but we made the transition and are the happier for it. Know this, when the debit card first came out, it was a bank cash card. MasterCard and Visa had nothing to do with them. But before that first year was over, businesses were refusing to accept a debit card if it did not have a Visa or MasterCard logo on it. That is a fact. Back then, the going rate was somewhere around 4 cents a transaction. Why did Visa and MasterCard force this change? Greed, pure and simply. We the people, are not paying hundreds of billions per year, in card fees to merchants, for absolutely nothing but greed.

Understand that I could not care less what happens to the credit card industry. I am just giving some of you time to increase your small change savings so you can afford that $15 latte, coming to your local Starbucks, soon.

The Stated Nonsense from the Left now includes these Progressive goals:

July 2, 2008, Obama had this to say: "We cannot continue to rely only on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."

MICHELLE OBAMA: "Barack knows that we are going to have to make sacrifices; we are going to have to change our conversation; we're going to have to change our traditions, our history; we're going to have to move into a different place as a nation."

“ . . . . . . they have become a generation of activists possessed with that most American of ideas – that people who love their country can change it.” -- Obama the Radical

On September 30, Van Jones told MSNBC "I think everybody should hold onto your seats. October is going to be the turning point when it comes to the progressive fight back."

Midknight Review -- new and revised

MasterCard and Visa plan on tripling their transaction fees to the merchant on debit cards.

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