Wednesday, June 08, 2011

Rich Guys Vs. Richer Guys

Amazingly the richer guys lost, according to the twitter, as Senate amendment to maintain absurdly high card swipe fees loses.

Though the lobbying was rich guys (big retailers) vs. richer guys (banksters), there is actually a right side here, as the swipe fees were of course way above actual cost due to monopoly power, and are a serious problem for smaller retailers (not so rich guys) as well.