4 ms·
That seems like yet another PR piece that revolves around a, “look, finance didn’t need regulatory action to fix itself, it just needed ‘innovation!’” narrative
by numair 5y ago
That seems like yet another PR piece that revolves around a, “look, finance didn’t need regulatory action to fix itself, it just needed ‘innovation!’” narrative. No, sorry, these markets were created by regulatory action, and they still need regulatory action to fix the flaws in their design.
I found patio11 to be more informative before all of his writing suffered from a Stripe bias. And I found Stripe more interesting when it wasn’t trying to be the Microsoft of finance.
Edit: And so people understand how these two things — abusive banks and Stripe — are connected: revenue-envy among large corporations trying to move up the ranks and attract bigger valuations almost inevitably leads to “innovations” that are bad for the customer / community / whatever. All roads lead to Rome.
- nverno 5y agoat least they got rid of those $35 overdraft fees on a 50 cent negative balance, that was BS. So, maybe there is a brighter financial future
- ffggvv 5y agoj.p. morgan existed before regulatory bodies did
- numair 5y agoThe system that maintains the banking oligarchy is a regulatory creation. We replaced the wildcat [bank] with the fat-cat [banker]. https://en.wikipedia.org/wiki/Wildcat_banking https://en.wikipedia.org/wiki/Wildcat_banking
- tryptophan 5y agoThe whole criticism of wildcat banking is so myopic imo. Laws were set up that explicitly made these banks very weak. Then after they inevitably failed like they were set up to do, everyone goes "omg, look! private money is so bad! time to nationalize banking and regulate everything!". https://www.alt-m.org/2021/07/06/the-fable-of-the-cats/ https://www.alt-m.org/2021/07/06/the-fable-of-the-cats/