FDIC Extends Banking Moratorium

Heaven forbid walmart be able to compete in the banking business.
We dont want competion in this country, do we???

Without competion we will all pay the price.

Another point, check how much profit the big banks have been making, while the american people pay through the teeth.

bry

You are correct. The big banks have a LOT of power, much, much more than Wal-Mart. They give huge sums of money and are much more suited to funneling it to politicians who toe the line. Of course they don’t want competition! Why should they have to compete? That’s the whole point of having 5 or 6 big banks controlling our economy, isn’t it?

Wal-Mart doesn’t wield power like Citigroup, JP Morgan Chase, Wells Fargo & Bank Of America. These companies have global offices, access to capital anywhere in the world, connections in all countries, the ability to channel money wherever they like, huge influence on money supply, interest rates, consumer spending and foreign investment.

The banks are in on all sorts of affairs. Citigroup has retail banking, commercial banking, private banking, weath and asset management, brokerages, insurance, etc. They are richer than most countries, and probably more powerful. The big banks have bought out or forced out smaller banks with their tremendous power. Where are the complaints?

Oh, I almost forgot. They are not Wal-Mart. Therefore, they get a pass.

If all you say is true, Ellis, why would anyone in their right mind want to introduce Wal-Mart into the mix? Talk about the fox guarding the henhouse.  With Bentonville’s relentless desire to be number one and their talent for corrupting whatever they touch, letting Wal-Mart into banking is a recipe for disaster.

But let me ask anyone reading this how comfortable would you be if, in addition to a record of every non-cash transaction you’ve ever made at Wal-Mart, Bentonville also had access to your complete banking records? 

All this information, by the way, to be securely stored away in an ominous looking building on the border of northern Arkansas.

Ken

Don’t be so foolish. Corporate America knows a lot more about you than you realize. Just skimming the surface, corporations know your height, weight, eye color, social security number, hair color, what cars you own or have owned, your address, all your email addresses and phone numbers, your insurance policies and their ID numbers, what jobs you’ve held, how much you’ve earned, who you bank and invest with, who does your taxes, whether you’ve ever been arrested and what for, whether you smoke, your general physical condition, your academic history, your credit score, everything you’ve ever purchased for which you did not pay cash, the layout of your house, whether or not you have children and where they go to school, whether you’ve ever been sued or even been to court, whether you’ve served on a jury, whether you’ve voted, what your party affiliation is, what you watch on TV, what movies you’ve rented, what websites you look at, the names and numbers of every phone call you’ve ever made and................I could go on and on. Needless to say, Corporate America probably knows more about you than the NSA could ever hope to know. So, unless you’ve had your head in the sand for a decade, you should know that, unless you’re completely off the grid, Corporate America is watching you. They know what you like, what your preferences are, what catalogs and coupons to send you and so on.

It’s the Information Age, brother. Do you not think that Bank Of America knows more about you than your spouse does?Even if Wal-Mart got into this act, they would be a Johnny Come Lately to the party. The corporations are already watching us and have been for decades.

“Even if Wal-Mart got into this act, they would be a Johnny Come Lately to the party.

And what, pray tell, is stored on this?

“By its own count, Wal-Mart has 460 terabytes of data stored on Teradata mainframes, made by NCR, at its Bentonville headquarters. To put that in perspective, the Internet has less than half as much data, according to experts.  ‘04”

Consider this—one of the sponsors of the Frank-Gilmor ILC Bill is Rep. Barney Frank of Massachusetts.

Also, consider this, Bank of America, the successor to former Boston-based FleetBoston Financial, is the bank with the largest market share in both Massachusetts and Conneticut (and significant in the rest of New England, as well).  It’s noteworthy to mention that though BofA is headquartered in Charlotte, NC, they now have a significant number back-office/headquarters functions based around New England.

Given Ken Lewis’ (BofA Chairman/CEO) recent remarks opposing Wal-Marts quest for an ILC, I can now see why Rep. Frank is so eager to get this bill pushed through Congress.

Ken V,

“With Bentonville’s relentless desire to be number one”

And, you don’t think that all of the Big Banks don’t want to be No.1?  All businesses want to grow to be No.1!!  You work for AMGEN, don’t you think they want to be No.1 in the Biotech arena?

It’s one thing to get to number one by working for it , like walmart did, however it’s another thing to want to get to the top by stoping, or not allowing competion.

Banks across the country dont want to compete with a company like walmart, that might make them look bad, or force them to treat there customers a little better.

The people we put is office have no business getting envolved in private business, and, competition, in the retail world. MONEY SPEAKS LOUD.

When competition is done away with, IT WILL COST ALL OF US.

bry in rogers, ar - “The people we put in office have no business getting involved in private business.” That is true to an extent. However, there has to be certain set standards, mandates, and security provisions, to ensure that certain laws are not being broken. If we put the same level of trust into CEO’s/topshareholders as we put into the individuals who purchase one newspaper from a newspaper machine, and expect them not to take more than one newspaper off the top, we’d be in alot of trouble! Do you know what the difference is, in between Kenneth Lay and President Bush??? I can vote President Bush out of office!!! With people/organizations like Kenneth Lay, Jeff Skilling, Enron, Worldcom, etc., action is not taken, until the damage has already been done!!! When “Greed” is the #1 motivating factor for crime, you especially don’t let people in those types of positions, run “Buck wiled” with the financial future of America in their hands!!!

Actually, POWER, you can vote your CEO out of office. Just buy enough stock to give the Board of Directors a hard time. Activist shareholders like Kirk Kerkorian, Carl Ichan and Nelson Peltz have been pretty successful doing just this over the past several years.

Define “greed”. Is “greed”, by your definition, believing in profit? Is it “greedy” to want to make as much money as possible? If profit is not important, why does our economy revolve around corporate earnings and stock prices? Why are there literally TRILLIONS of dollars invested in our economy?

Let me define “greed” for everyone. To anti-Wal-Mart people/liberals/trust fund babies, etc. “greed” is the belief that when X gains one, Y must, by necessity, lose one. And this goes against the entire concept of liberalism. Standards are unfair because some people are too lazy to conform to them. Logic is unfair because it is not emotional and doesn’t allow for wiggle room. Liberals don’t like being painted into a corner.

My definition of “greed” is someone taking, by force or fraud, the property of another. This type of greed is merely theft. I do not believe that the desire for profit maximization makes one greedy. I understand capitalism and I know that my neighbors gain does not necessarily mean my loss. The pie grows all the time. It is not a static pie (our economy). As long as someone does it legally, I don’t care how much they earn. If they make more than me then obviously they deserve it because they are much smarter. I have to carve out an exemption for trial lawyers, doctors and unions-three groups that artificially inflate their wages through the limiting of competition and/or ethically challenged practices.

People like Bill Gates are rich because they are smart. It is no one’s business what Gates does with his money. I don’t care if he spends $1 billion on a house and $5 billion to buy a small country somewhere. I don’t care if he uses $1,000 bills to light cigarettes or wipes his ass with $100 bills. It is not my money and it’s none of my business. If he dies and leaves every dime to his kids, that is not my business, either. Wealth is already taxed numerous times. Personal property is not the state’s to give us. Greedy, to me, is someone who wants something that belongs to someone else and will not work legally to acquire it.

Bob, you may want to put new batteries in your sarcasm detector. I don’t work for Amgen...lol

Ken V,

“Bob, you may want to put new batteries in your sarcasm detector. I don’t work for Amgen...lol”

Why would anyone detect as scarcasm, when someone claims they work somewhere?  What I would call it, is lying!!  Do we think that Dave the ironworker is just being scarcastic, no, we take him at his word.  Maybe, everything you say is scarcasm and you actually work for Wal-Mart as a shelf stocker and just hope you can get a raise out of this.

I’ve got some ocean-front property in Arizona you might be interested in, Bob.  It’s my fault you’re dumb as a doorknob?

About my above statement regarding the people we put in office.
Some of them have been runing around the country talking bad about walmart, they have no business doing that on our money, they work for us.

Now as for the law regulating the banking business, not for a minute do i think walmart should be allowed to do banking without doing it according to the laws. as a matter of fact walmart would probably be watched more than the other banks, a lot more.

Ken V,

“I’ve got some ocean-front property in Arizona”

If you do, you are the one who is dumb as a doorknob, for falling for that old scam.

“It’s my fault you’re dumb as a doorknob?”

No, don’t blame yourself, as it’s not true, so, it’s not your fault, because you haven’t got me to believe your dribble yet!!!

By the way, where are you working this week, Microsoft?

Bob, did you know the word <b>gullible<b> doesn’t appear in the dictionary?

Ken V,

That’s only because you haven’t given them your picture yet.