Bank of America Corp. just became the latest in a long list of institutions and conglomerates to bow to the will of the people.
Overwhelmed by the Twitterazzi and inundated by online petitions voicing outrage, Bank of America, the nation’s second largest bank, announced that it is withdrawing its plan to charge a $5 monthly fee for debit card transactions. BOA joins JPMorgan Chase and Wells Fargo in succumbing to public pressure to cancel debit card fees.
This stunning reversal in policy was forced by a ground swell of anger over the failing economic conditions in this country and the major role the financial system played in bringing about the decline. In recent weeks that anger blossomed into the Occupy Wall Street movement which has evolved into a global call for change.
Some may dismiss the Occupy Wall Street movement out of hand…but they do so at their peril. Americans are angry and not only are they not going to take it anymore…they are doing something about it.
The most notable example lies in the Tea party movement. Criticize the Tea Party if you will…and we have…often… but the Tea Party folks got angry, got organized and focused their attention on Washington. They spearheaded a movement that won Republican control of the House and then they changed the face of our politics by taking control of the Republican Party. In spite of their small numbers they have successfully forced the party to shut down every initiative proposed by a very popular Democratic President. Love them or hate them they are a clear example of the power behind the will of the people.
During his campaign for President then Senator Obama promised “change you can believe in.” As evidenced by current events, the people are tired of waiting.
Washington would do well to listen.