Wal-Mart Bank

Wal-Mart is seeking to establish  a bank in Utah to process credit card, debt card and electronic check transactions from its retail locations. Anti-Wal-Mart groups are furious and argue that Wal-Mart Bank will post threat to the economic health of the nation. I fail to follow how they come to this conclusion. Whenever anything is to affect these small group of people's entrenched interests to the benefit of consumers, they warn us that it is going to hurt the whole nation.

“Federal regulators need to heed Chairman Greenspan’s warning and realize that a Wal-Mart bank would pose serious and grave threat to consumers, community banks and the economic health of this nation,” said Chris Kofinis, communications director for WakeUpWalmart.com, a group funded by the United Food and Commercial Workers union.

Among politicians, Senator Hillary Clinton is the most active opponents against the formation of a Wal-Mart Bank. She never goes shopping in Wal-Mart stores, neither does she needs a Wal-Mart credit card. She doesn't care about those who go and those who need. She even pushs the Federal Deposit Insurance Corporation (FDIC) to hold an unprecedented public hearing on the application. What the hell has Wal-Mart Bank has to do with FDIC? Wal-Mart Bank will not take deposits anyway.