KELO generally enjoys blowing the usury industry's smoke about how regulations raise their costs and force them to lay off workers. But KELO slipped Wednesday night and admitted that the Federal Reserve's new debit card rules are intended to lower costs for all other businesses:
The new debit card fees follow federal regulations that cut the average amount that merchants pay for debit transactions from 44 cents to 24 cents [Angela Kennecke, "Avoiding Debit Card Fees," KELOLand.com, 2011.10.12].
The debit card regulation didn't cut the interchange fee as much as merchants wanted, but it was an effort to reduce some of the redistribution of wealth from Main Street to Wall Street. The 1% on Wall Street keep looking for new ways to erode property rights and charge the 99% to use their own money. That's not even usury; that's robbery.