April 11, 2006
WAL-MART DERANGEMENT SYNDROME:
Wal-Mart Defends Its Bid to Enter Banking (Kathleen Day, April 11, 2006, Washington Post)
Wal-Mart Stores Inc., the world's largest retailer, is a "good corporate citizen" that should be allowed to own a bank just as other retailers, including Target Corp. and Harley-Davidson Inc., have been, a top Wal-Mart executive told federal bank regulators yesterday.
Next week's hearing is on the lack of free market competition that keeps banking transaction fees so absurdly high. Posted by Orrin Judd at April 11, 2006 12:21 PM
If you were a leftwing Socialist would you want to see a successful, blatantly capitalist company expand its opportunities? It's against their religion.
Additionally, to the extent the company's pricing helps the disadvantaged, it reduces their dependencies, and that hurts the welfare party.
Posted by: Genecis at April 11, 2006 12:49 PMFrankly, not only would I like to see WalMart get into banking, I'd also like to see them get into housing, much like Sears and Montgomery Wards did back at the turn of last century.
While it may take a fair amount of land clearance and preparation, I wouldn't doubt for a minute that WalMart could change this dynamic as well. They've already changed how retail commercial property is valued.
Posted by: Brad S at April 11, 2006 2:09 PM