Yesterday Wal-Mart announced it would pull out in its bid to seek creating is own bank.
Interestingly enough, most other banks breathed a sigh of relief at the announcement of this news.
I’m not pro-Wal-Mart. I hate shopping there. The Employees are rude, customers are ruder, and the only positives are the bargains. Other than that, I’d rather spend a little more money and shop at Target.
On one hand, this move is good in stopping the Wal-Mart juggernaut. You have to ask yourself- “What Next?!” when it comes to incorporating the country as the United States of Special Interest Lobbies and Wal-Mart.
On the other hand- banks get the upper hand. Now, instead of get bargain basement bank services from Wal-Mart, that would arguably be cheaper than the existing banks simply because they can, we can expect to continue to pay exuberant bank fees on stupid things such as “fee/slap-on-the-wrist for using someone else’s’ ATM rather ours, sucka” I’d imagine Wal-Mart going against this in order to keep their costs low and keep competitive.
I wonder who the bigger suckers are now?
