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Wal-Mart Should Not Be Barred from the Banking Business

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From David Holcberg:



No one has a right to prevent Wal-Mart from opening a bank. Wal-Mart runs its business and earns its profits by the voluntary decisions of its customers to shop there. A Wal-Mart bank would operate in the same legitimate way. No one would be forced to buy their products or use their banking services.

That Wal-Mart might emerge as a formidable rival to established banks and possibly take away some of their business would be consistent with a free capitalist economy. It might actually bring to banking the same cost-cutting strategy that made Wal-Mart prevail over less-efficient competitors and become the preferred retail outlet of millions of American consumers.

Neither Wal-Mart's competitors, nor consumer groups, nor the government have any right to have a say in what line of business Wal-Mart can or cannot go into. Wal-Mart's rights are not up for a vote.



http://ObjectivismOnline.com/blog/archives/000726.html
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I did something that made me sick today. I google-news'd "Wal-Mart Bank" and read the first three articles.

When will people learn?! I rarely let statist liberals get to me, but this just grinds my gears!!

If/When I have a huge corporate conglomerate, I will take it to the bank, and to the supreme court!!!

I digress and will pause for a moment of calm.

/rant

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