Can the government protect us from banks, or is the government the source of the problem? Anthony W. Hager looks at the case of Bank of America and Senator Dick Durbin, who wants to protect us from debit-card fees:
Markets compel businesses to please their customers or risk losing them to more amenable competitors. Banks couldn’t collude on behalf of debit-card fees, even if they so wanted, because they’re more interested in retaining current customers and attracting new ones from institutions that assess unpopular charges. The mere threat of losing customers was enough to render debit-card fees a poor business decision. When market forces reign there’s no need for protests, tents, and signs; nor is there a need for pandering politicians with superhero complexes to deliver customers from corporate evil.