Robert Reich, Clinton’s secretary of labor, argues for Wal-Mart’s inclusion into the banking/credit field:
I say, let Wal-Mart under the tent. Commercial banking is now one of the stodgiest and least-competitive parts of the American economy. Fees and prices are way too high. Service is lousy. The industry needs a shakeup. Have you ever had a bank give itself an interest-free “float” on your money while you waited two weeks for a check to clear? Have you ever filled out twenty-five forms to get a simple bank loan? Have you ever collected anything close to fair interest on money you keep in your checking account?
I guarantee you Wal-Mart’s low-price business model will force complacent bankers to do better.
I’ve still never been to a Wal-Mart, but they’re building one about 10 miles away, so maybe I’ll check it out.