Lynch at Large

The FDIC is holding hearings this week on Wal Mart’s application to open a bank for clearing its’ own transactions. It is a money saving measure and would ordinarily be handled by regulators as a routine rubber stamp. Of course, this is different. This is Wal Mart and the Bentonville behemoth is a hardball player.

Without beating a dead horse to death for the one-thousandth time, drive through any small town’s downtown and see what good Wal Mart has done for the local economy. This company’s effect on working people is so terrible that the state department of human services has been intimidated into not even counting how many of the retail giant’s employees are on public assistance.

Wal Mart is a menace to society and I love it just like everybody else. Yeah, the merchandise is made by political prisoners in China, but who cares? Sam’s is my favorite store. Wal Mart has a reputation for squeezing its’ suppliers and abusing its’ employees, even if you do get low prices every day.

Why on earth would we hand over the financial industry to these corporate critters? It will be harder to get a business line of credit, a home loan or any other banking service. With increased federal regulation, life is already harder for small banks. We must presume that Wal Mart’s long-term plan is to take over banking, and the FDIC must stop it. I’m Pat Lynch with News and Comment on the Arkansas Priority Radio Network.

# posted by Pat Lynch : 3:19 PM