new york size alike are leaving the ship and there's new developments with the controversial durbin amendment which we've coined as the swipe fight and you as a district judge take that back the federal reserve's rule capping debit card swipe fees saying they're still too high the durbin amendment has saved merchants billions to date which they're not passing on to consumers and retailers are asking for even more meanwhile banks are losing revenue and passing these costs on a debit card costumers more than likely the fed will appeal of the court's decision i'll break down interchange fees in detail and just a bit and i will discuss a number of recent global economic trends with gerald celente detroit fred summers versus yellen well you get the picture and hopefully we will get a handle on the future. and here's what's in your prime interest. channel in the dark from back to the future it's time to think fourth dimensionally that means we're going to look into the crystal ball with the help of gerald celente and he is the director of trends research institute gerald thank you for joining me oh

and savings were to be passed on to consumers passage of the durbin amendment was a win for retailers they have already seen eight hundred twenty five million dollars in savings according to the electronic payment coalition retailers however are not contractually obligated to pass those savings on and shoppers are actually paying on average one point five percent more the billing is that reported that retailers gas stations are pocketing the money that was intended for consumers on the other side of the equation are the banks who have lost revenue by having to slash swipe fees these costs to the banks are being transferred to consumers in the form of reduced services and higher fees according to bankrate dot com significantly less banks are offering free checking and more banks are charging higher fees citing the durbin amendment as the cards are yesterday's hearing judge richard leon told the federal reserve that caps on debit swipe fees were still too high and john breaux out from the competitive enterprise institute pointed out that should the fed adopt leland's interpretation it w

said the cap was not for coney and nuff the durbin amendment was a last minute provision added to the dodd frank financial reform law that drastically lower visa took a bite out of banks revenue while we're discussing the case with breakdown interchange fees they're also known as a swipe fee and by definition it is a fee charged to merchants when a customer pays with a credit or debit card when a customer for example swipe their debit card at a retail store and there is a hidden be assessed by the banks to process the transaction the banks negotiate between each other and the fee is charged to the merchant bank the swipe fight is contentious because of a very lucrative industry interchange fees represent about fourteen billion dollars per year before implementation of the durbin amendment swipe fees averaged forty four cents per transaction the fed kept those fees at twenty one and twenty six seconds the court however threw that rule out yesterday and swipe fees will likely have to be lowered even further the sponsor of the measure as senator durbin said it would be good for consumers

and there's new developments with the controversial durbin amendment which we've coined as this white fight and you as a district judge take back the federal reserve's rule capping debit card swipe fees saying they're still too high the durbin amendment has saved merchants billions to date which they're not passing on to consumers and retailers are asking for even more meanwhile banks are losing revenue and passing these costs on and debit card customers more than likely the fed will appeal of the court's decision i'll break down interchange fees in detail and yes a bit and i will discuss a number of recent global economic trends with gerald celente detroit fred summers versus yellen well you get the picture and hopefully we will get a handle on the future. and here's what's in your prime interest. channel in the dark from back to the future it's time to think fourth dimensionally that means we're going to look into the crystal ball with the help of gerald celente and he is the director of trends research institute gerald thank you for joining me thank you it's great to be with you we

new york size alike are leaving the ship and there's new developments with the controversial durbin amendment which we've coined as the swipe fight and you as a district judge take back the federal reserve's rule capping debit card swipe fees saying they're still too high the durbin amendment has saved merchants billions to date which they're not passing on to consumers and retailers are asking for even more meanwhile banks are losing revenue and passing these costs on a debit card customers more than likely the fed will appeal of the court's decision i'll break down interchange fees in detail in just a bit and i will discuss a number of recent global economic trends with gerald celente.

back the federal reserve's rule capping debit card swipe fees saying they're still too high the durbin amendment has saved merchants billions to date which they're not passing on to consumers and retailers are asking for even more meanwhile banks are losing revenue and passing these costs on a debit card costumers more than likely the fed will appeal of the court's decision i'll break down and or change fees in detail and yes a bit and i will discuss a number of recent global economic trends with gerald celente detroit fred summers versus yale and well you get the picture and hopefully we will get a handle on the future. and here is what's in your prime interest. channeling the dog from back to the future it's time to think fourth dimensionally that means we're going to look into the crystal ball with the help of gerald celente and he is the director of trends research institute gerald thank you for joining me. thank you it's great to be with you well uni's are in the news we have detroit and we have this prediction from meredith whitney a few years ago which didn't come true in its day are we s

back the federal reserve's rule capping debit card swipe fees saying they're still too high the durbin amendment has saved merchants billions to date which they're not passing on to consumers and retailers are asking for even more meanwhile banks are losing revenue and passing these costs on a debit card costumers more than likely the fed will appeal of the court's decision operate down and or change fees in detail and yes a bit and i will discuss a number of recent global economic trends with gerald celente detroit fred summers versus yale and well you get the.

we got durbin amendment, lawsuits, all that good stuff. want to hear from the man is it speculative or is it warranted? >> the money is all going to mastercard. visa spent some time in the wilderness. it's now ready to roar again. i think visa had a good quarter and is well managed. i like visa. tim in california, please. >> caller: tim here, wondering about taser. they reported upbeat yesterday. >> we're in a market where really great companies that report good numbers, i'm talking about the 3m ilk, they go higher. the tasers, too speculative for this guy. august came in like a lion, the market roars on and the pin action gets downright amazing! stay with cramer! >>> coming up, earnings avalanche. the season's in high gear and tonight cramer's got a triple shot of ceo exclusives to keep you ahead of the game. first up, botox maker allergan stock is flat for the year while the rest of the market has been soaring. will that frown soon be turned upside down and give you an injection of profits? and cloud marketing play marketo catapulted hig

amendments later, the snowden disclosures of surveillance by the n.s.a. have raised new questions. on sunday, for example, the senate's democratic majority whip-- dick durbin-- argued the court is hardly impartial. >> and there should be another in this case, it's fixed in a way, it's loaded. there's only one case coming before the fisa, the government's case. let's have an advocate for someone standing up for civil liberties to speak up about the privacy of americans when they make each of these decisions. >> brown: but at today's senate hearing, deputy attorney general james cole said there's no clear precedent for changing the way warrants are approved. >> traditionally, when you issue search warrants, when you issue wire taps and things like that, in the criminal law you don't have an adversary process that takes place if there isn't somebody on the other side. so there's a legal tradition that the way we've been doing it is certainly one that we've done in other contexts. >> brown: another issue: the fisa court's 11 judges are chosen by the chief justice of the u.s. supreme court and all of the current members have been selected by chief justice john

durbin: mr. president, i ask unanimous consent the senate proceed to the consideration of calendar number 33, h. con. res. 25, that the amendment which is at the desk, the text of s. con. res. 8, the budget resolution passed by the senate, be inserted in lieu thereof, that h. con. res. 25 as amended be agreed to, the motion to reconsider be considered made and laid upon the table, that the senate insist on its amendment, request a conference with the house on the disagreeing votes of the two houses and the chair be authorized to appoint conferees on the part of the senate, that following the authorization, two motions to instruct conferees be in order from each side. motion to instruct relative to the debt limit and motion to instruct relative to taxes and revenue. that there be two hours of debate equally divided between the two leaders or their designees prior to votes in relation to the motions. further, that no amendments be in order to either of the motions prior to the votes, all of the above occurring with no intervening action or debate. the presiding officer: is there objection? mr. rubio: mr. president? the presiding