GEORGE STEPHANOPOULOS: Can you stop this [Bank of America] service charge?PRESIDENT OBAMA: Well, you can stop it because it-- if you-- if you say to the banks, "You don't have some inherent right just to-- you know, get a certain amount of profit. If your customers-- are being mistreated. That you have to treat them fairly and transparently." And-- and my hope is is that you're going to see a bunch of-- the banks, who say to themselves, "You know what? This is actually not good business practice."
Say what? Banks don't have some inherent right to offer a service and charge for it and profit from it? It wasn't that long ago that we didn't have debit cards at all and people had to either use credit cards, if they had them or pay with physical cash (which often required a visit to the bank or ATM, which has service fees of its own). And how is this bad business? It's bad business to offer services at a loss, like Obama's friends at Solyndra did. Also, has he seen the stock prices of the banks this year? The index is down 30% because people are worried about their continued profitability and solvency in the wake of the continuing mortgage mess and sovereign debt issues in Europe. Dodd Frank certainly hasn't helped, adding much regulation and making them get rid of their profitable prop desk businesses for no apparent reason whatsoever other than to punish them. Seriously, it's as if he is purposely trying to run them in the ground.