4 ms·
You can come up with all sorts of proximal causes for the current situation, but once all the bs excuses are stripped away it really comes down to plain old cor
by magila 9y ago
You can come up with all sorts of proximal causes for the current situation, but once all the bs excuses are stripped away it really comes down to plain old corruption.
Banks collude with their regulators to both minimize required changes to the system and make it effectively illegal to create a competing system. Without pressure from regulators or markets, banks can rest on their laurels while doing just enough to avoid public outrage over their level of dysfunction.
- zkms 9y agoThere's a lot of money to be made with overdraft fees and offering pseudo-banking services (cheque cashing places, refillable debit cards that can be ACH-deposited into) to the unbanked, so US banks have a very strong incentive to keep their consumer-facing offerings slow and sucky.