"Face It, Bankers: You're Not Apple" contends banking shouldn't focus on innovation and instead should act like the utility sector. When was the last time the water company created a Visa or PayPal?
With millions of American homeowners living under a Sword of Damocles otherwise known as foreclosure, expect to see more protestors turning out to block evictions and sheriff's sales.
Putting a commission in charge of the bureau would at best produce partisan gridlock, and risks handing the young agency over to financial institutions.
Recall that retailers told Congress that if these "swipe fees" were reduced, they would pass the savings along to consumers. Yet, there's no evidence that the merchant community is following through on its promise.
When banks attempt to mark up the transaction involving a dollar, the fee for the service is stark. It stands out in a manner that makes it both obvious and occasionally controversial.
From the Tea Party, to the anti-Wall-Street crowd, to the silent majority that is hunkered down and fearful for the future, anger at The Establishment is higher than at any time since the Vietnam era.
Banks are already in the thrall of a new business model even worse than the utility one: the industry is frozen solid in fear both of relentless credit risk and remorseless regulatory requirements.
