Sunday, January 8, 2017

Why our ATM fees are so high

Bloomberg: Powell [central banker] spoke on a panel with Kenneth Griffin, founder and chief executive officer of $26 billion hedge fund Citadel LLC, who voiced doubts that Trump’s planned tax cuts and infrastructure spending would add much to economic growth. He said an acceleration in the economy would rest largely on less burdensome regulation. Banks are faced with heavy regulation that requires thousands of compliance employees, and “we see the same thing across the entire economy,” Griffin said. “We are going to have to think about how to bring that load down.”  Griffin cited as one example mortgage documents that can run to 200 pages, with disclosure requirements so lengthy that no consumer bothers to read them. It is a “tangled mess of paperwork no one understands,” he said.
Egad, what a mess created by Liz Warren.  Banker bot simply tells us when we are red, that is all we need. Other regulations get shoved up to  smart contracts.

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