#MrMarket: The retailers keep the money. Veronique De Rugy, Mercatus Center.
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 21 July 2023
⏱️ 10 minutes
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#MrMarket: The retailers keep the money. Veronique DeRugy, Mercatus Center.
https://www.creators.com/read/veronique-de-rugy/07/23/progressives-and-populists-vs-the-credit-card-market
Transcript
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| 0:00.0 | At TFL, we're making journeys safer for everyone, and that includes improving safety on London's roads. |
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| 0:24.8 | Such TFL improvement plan to the Mayor of London and TFL every journey matters. |
| 0:35.2 | This is CBS. I am the world. I'm John Bachelors. Central planning, a 20th century artifact here |
| 0:41.4 | in the 21st century, if I understand correctly, the new Columnant Craters Syndicate by Baranique |
| 0:47.6 | de Rige. This has to do with two items in the household that are common. One is a debit card, |
| 0:54.1 | one is a credit card, and Congress has a better idea. In the case of the first time, the debit card, |
| 1:00.5 | it's Senator Durbin of Illinois, a better idea he had in 2010 with the Durbin amendment. |
| 1:08.0 | Now, Senator Durbin has been joined by Senator Vance of Ohio for credit cards, similar |
| 1:15.1 | central planning idea, demonstrating, as Baranique de Rige means to, that progressives right and |
| 1:21.6 | progressives left come to the same point. Baranique, a very good evening to you. The question is |
| 1:28.3 | the Durbin amendment. What did it achieve so many years ago? Because you write that it was seen |
| 1:34.8 | as a breakthrough and an ability to help the customer keep more of his or her money. Good evening to you. |
| 1:42.8 | Good evening, John. The Durbin amendment was an amendment that was attached to the |
| 1:47.4 | Dodd-Frank Act of 2010, and what it did, it was effectively a price control that capped the fees |
| 1:56.2 | on that are charged by retailers for when us consumer, user debit cards, and that's basically |
| 2:05.2 | a fee to pay for costs incurred by the banks and charged by the payment networks like Visa and |
| 2:15.6 | MasterCards. And so what the, with the idea was like, is like retailers pay these fees and they don't |
| 2:22.1 | like it, even though they like using those networks. And if we cap the fees, then they're going to |
| 2:30.4 | be turning that saving around and reduce prices for consumers. But what we've seen since this was |
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