Friday, March 10, 2006

Do Community Banks Have to Worry Now?

WalMart has applied to open a bank in Utah. This would be an industrial bank that would handle electronic payments. This type of bank 'escapes' a level of Federal Regulation. A group of congressmen are concerned. ..."the world's largest retailer, could threaten the stability of the U.S. financial system and drive community banks out of business." Read more here.

So WalMart wants into the Medical Clinic business and now the banking business. Why not just do away with all businesses and let WalMart handle everything. One stop shopping while you get your car serviced and gased up. You could get your eyes checked, stop in for medical checkup, and deposit your paycheck. While you are at the WalMart Bank you could take out a loan to buy WalMart stuff. Hell, H. Lee Scott could be President of United States of WalMart. The Waltons could be his 'congress'.

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