No sooner had I made the decision to support the Herman Cain campaign did he go off and muss it all up and shove his foot down his throat. In an interview today, he said about the “Occupy Wall Street” group, which are picketing banks and well, Wall Street as a whole:
“Don’t blame Wall Street, don’t blame the big banks, if you don’t have a job and you’re not rich, blame yourself. It is not someone’s fault if they succeeded, it is someone’s fault if they failed,”
Now, don’t get me wrong. I happen to believe we’re all responsible for how well we do in this life. I think we cater to those who refuse to go out and earn their pay and it frustrates me to no end. That said, Cain, the “non-politician” did two things in this interview with the Wall Street Journal. He used the “b” word – it was all about placing blame (there’s a huge difference in “placing blame” and “taking responsibility”…does anyone read Dale Carnegie anymore?). But more importantly, he proved he had no idea what those folks are protesting. They’re not protesting because they don’t have jobs. They’re protesting because:
Bank of America’s new $5 debit fees for a certain “customer base”:
Those who hold the Bank of America checking accounts Platinum Privileges, Premium or Advantage are exempt from the new monthly fee. Interestingly, the accounts MyAccess, Essentials, eBanking and Enhanced will be hit with the new $5 debit card usage fees. The accounts that are exempt are usually reserved for those
who maintain high bank balances or who have mortgages with the bank. The latter are those most consumers choose because of the absence of other restrictions, such as minimum balance requirements and ironically, the absence of too many fees. Additionally, the bank said Merryl Lynch, US Trust and Wealth Management account holders won’t have to pay the increased fees. In other words, if you’re depositing your paycheck every week and it’s less than $5,000, you’re going to be charged for not earning enough to qualify for the more rewarding accounts.
Capital One Creating “Too Big to Fail” Dynamic?:
Accusations are running the gamut regarding Capital One’s push to buy out ING Direct USA. If successful, some say it’s another step towards another subprime meltdown. Capital One executives found themselves defending their motives behind wanting to buy out ING Direct, which many say will create another “too big to fail” bank that will turn to the taxpayer to bail it out when it runs short (which it inevitably will in this economy). The Fed is required to examine whether or not any merger poses an economic threat. Specifically, it must determine whether the risk outweighs any benefits – and based on calculations by some of the nation’s leading financial analysts, the risks are entirely too great to justify any kind of benefit to anyone besides the bank.
But don’t take my word for it. Google it – it’s all over the news, which is why I’m so disappointed in Cain’s lack of knowledge on the situation. Then again, he was giving the interview to the Wall Street Journal, I guess it stands to reason he’d feel obligated to defend Wall Street. Ah…the non-politician gets all political.
NOW who am I going to support? It’s not looking very promising, that’s for sure.