WalMart: Always Big Lies. Always.
Remember when WalMart scarily tried to open a bank? They said it was simply to process credit card and other transaction and that they would not seek to compete in financial service.
Well, PANTS ON FIRE!
What is wrong with this picture is two fold.
On a basic level, the financially under-serviced (WalMarts acknowledged target) are ever rip for exploitation and are daily subject to usurious interest rates. Attempting to tie-up the funds of its customers and capturing the often enormous fees paid out by them to marginal services such as check cashers, pay-day advancers and wire services is to tap into the depths of the misery market. WalMart will crow that they reduce costs to consumers, but...is reduing a 30% interest rate to a 21.7% rate really helping the cosnumer, or is it simply redefining profit parameters based on economies of scale?
On the other level...Walmart doing mortgages? Owning homes? Foreclosing? ENOUGH! Who ever thought that along iwth Big Oil and Big Pharma we'd one day have the dreaded Big Retail?
Well, PANTS ON FIRE!
What is wrong with this picture is two fold.
On a basic level, the financially under-serviced (WalMarts acknowledged target) are ever rip for exploitation and are daily subject to usurious interest rates. Attempting to tie-up the funds of its customers and capturing the often enormous fees paid out by them to marginal services such as check cashers, pay-day advancers and wire services is to tap into the depths of the misery market. WalMart will crow that they reduce costs to consumers, but...is reduing a 30% interest rate to a 21.7% rate really helping the cosnumer, or is it simply redefining profit parameters based on economies of scale?
On the other level...Walmart doing mortgages? Owning homes? Foreclosing? ENOUGH! Who ever thought that along iwth Big Oil and Big Pharma we'd one day have the dreaded Big Retail?
posted by Zero at 10:04 AM
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