Originally Posted by jamesinclair

Both blogs just posted almost identical posts decreeing the proposal to allow merchants the ability to process Visa and Mastercard transactions over different networks because it will hurt the points game.

Supposedly, as a libertarian, Gary should be 100% supportive of this. Hilariously transparent industry shilling instead. Both blogs feature the same tired talking points


IE:

• Big businesses often save significant money with credit cards, as they’re able to get lucrative co-brand credit card agreements that bring their fees pretty close to zero

vs

• Big merchants have been negotiating lower fees. Amazon just reached a new, less costly deal with Visa. Costco pays next to nothing for credit card processing in a Visa deal.

(The legislation is supposed to help small business, so both of them pointing this out isnt helping)

• Merchants benefit from credit cards. People who spend with card spend more, and the cost of processing credit cards is far cheaper than case because employees pocket cash, they make incorrect change, having large amounts of cash drives up insurance costs and it attracts outside theft.

vs

• For better or worse, people spend more when paying by credit card than when paying by cash
• Yes, merchant fees are a significant expense for small businesses, but the cost of handling cash is also expensive, in terms of loss, theft, banking, etc.

Noe one is shocked that Lucky would post this, but wouldnt it be nice if the libertarian guy could be consistent at least once?