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This is apologetics for the status quo, which by design benefits the financial sector at the expense of consumers. Give me safety over freedom, says every hege
by tobmlt 6y ago
This is apologetics for the status quo, which by design benefits the financial sector at the expense of consumers.
Give me safety over freedom, says every hegemonist when putting words in our mouths.
Your corner case scenario should not determine behavior for the market. That it is used to excuse behavior that is rammed down our throats anyway is, well, inexcusable.
- u678u 6y agoMaybe banks & brokers could add an extra delay. I'm kind surprised how you can be so passionate about 2 day settlement though, does it really affect your life so much? I can't see how it really helps the financial industry.
- tobmlt 6y agoNah, your right - it does not affect my life that much. It is the principle. The financial system is set up to have a power asymmetry that I find abhorrent. Guess I studied Econ under “the wrong professors” for to long as a kid. I tried to be generic about who was adding the delay. I’m always short on time. Sorry if I missed a detail there.
- egwor 6y agoIn the UK we have instant transfers between bank accounts. For larger quantities there can be a bigger delay.
- oarsinsync 6y agoBanks presenting Faster Payments as instant is also just an appearance. Settlement of FP actually only occurs three times daily (https://www.bankofengland.co.uk/payment-and-settlement https://www.bankofengland.co.uk/payment-and-settlement).
- someguydave 6y agothree times daily is better than three days like the US
- maratc 6y agoThis is one way to look at the story. Another way is to admit that we, as humanity, have very low tolerance to situations where people acting in good faith lose money to fraudsters through no fault of their own. This is not "corner case scenario". This may not happen much, but the tolerance for when it happens is very low. The systems are designed with that low tolerance in mind.