OK this is my first political discussion starter, so go easy on meh. Turns out that, and try to refrain from shock induced heart attack here...... Jack Layton thinks the banks are gouging Canadians.
Theres two different fronts to this story. First, Jack wants to outlaw interac transaction fees. These are the $1.50 fees that you pay every time you take money out of a bank machine (or if you're going to a bar in Yellowknife, $4, but thats another story). Apparently these are illegal in the US and UK. Second, Jack wants to cap credit card interest rates to 5% over prime and force banks to reduce lending rates, citing the 19 billion in bank profits last year, etc etc.
Links to follow of course, but heres the golden question. Is this simply a move by Layton to move into a more populist view, given the failure of his push to get troops out of Afghanistan, or is this a movement that has feet. Now believe me, as a former BMO employee, I know the million ways the banks gouge you, and it is a profit grab. But at the same time, banks are businesses, and consumers pay the fees for a service.
And you know, Jack never lets policy stand in the way of
convenience
Jack Launches campaign to stop ABM fees
Layton wants to slash credit-card rates