Thursday, December 26, 2013

Compare and Contrast: Panic Over Credit Cards Used at Target Versus Ben Bernanke's Fed

EPJ reader JLuz34 writes:
I work in the financial services industry, and it has been pandemonimum over the last few days as members have frantically come into our branches to block and get replacement debit / credit cards because of the Target debit card / credit card compromise. It is amazing to me how people react to the potential threat (no fraud is guaranteed to happen) of somebody MAYBE stealing $50 from them and purchasing a pair of sneakers using their debit card number. Keep in mind that typically members/customers are not liable for any of these charges, as long as they notify the financial institution within 60 days.

On the flip side, nobody seems to care that the Federal Reserve is specifically stating as it's policy goal to steal 2% of their savings, wages, and purchasing power every year. There are no big news stories about the theft at the Federal Reserve. The general masses are not upset with the Fed. They are also not panicking and pounding on the doors of the Fed to get a replacement currency. This is just an interesting observation of human behavior.

Merry Christmas,


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