Matt Stoller does an outstanding job describing the shadow impacts behind the rationale of the Capital One /Discover merger prompted by a Federal “loophole”

by | Feb 22, 2024 | Banking and Finance, Breaking News, consumer spending and sentiment

It’s an obvious point, but credit cards in America generate a lot of cash for banks. In 2022, I wrote up how the business works, with the observation that there’s something on the order of a quarter trillion dollars a year in revenue. This revenue comes from fees for...