Roll-Back Banking

Yes, you've guessed it. Wal-mart is at it again. In its quest to take over every kind of industry possible and monopolize the entire world, Wal-mart has asked the FDIC to allow itself entry into the banking industry. What does this mean? Simply, Wal-mart is seeking to operate its own in-house banking industry where it will be able to process millions of checks and credit-card payments each month. This is obviously cheaper than paying a bank to do it for them. The question that arises is will the retail giant be able to handle it? Banking is an important operation within our country and the U.S. government isn't quite sure if Wal-mart is ready for such a high responsibility.

Another hot topic that comes about is the possibility of a consumer bank of Wal-mart. What if Wal-mart is allowed to operate their in-house banking system and get good at it? If I'm not mistaken, Wal-mart's main objective has always been to make more profit. Even though they claim no desire to enter the consumer banking industry, one has to think that it could still be a possibility in the mere future. What would this do to the U.S. economy? I'm not so sure it would be a good idea, what do you think?