Joyanna Adams

Nobody's Opinion

Wal-Mart Hosts the Federal Reserve?

Nobody’s Opinion

Banks…have become a dirty word. Attach the minds-eye image of Barney Frank sweating in a wet tee-shirt in front of the Bank of America, and you might want to take a shower. Everyone knows by now, it was Barney who kept up the good work of telling us all that the banks of Fannie and Freddie were sound, before the great bank robbery of the history of the planet happened. In fact—I bet Barney personally thought up those names…Freddie and Fannie…in honor of some of his past stable boys.Last year, we saw all the Kings Horses (but none of the King’s men) came tumbling down in 2011, and yet, I managed to not panic. Every pundit from FOX to CNN was screaming..”BUY GOLD! BUY GOLD! BUY …BUY!!!”

And bring us all your little gold bracelets too, my little kiddies! I have no money to buy gold…but Glenn Beck did, and he bought enough for all of us. He told us so, every single day.

My bank, the Bank of America, has always been pretty good to me. I always thought..gee..if I go to South America some day to go white water rafting in the Amazon (okay, I dream) …my bank will be there.

How cool.

When the Bank of America announced that it was going to add a five dollar fee to debit card transactions last year, right away, there was Tricky Dick Durbin (come on…I miss saying Tricky Dick) on the Senate floor telling everyone in the world who had their money with Bank of America to take it out and put it in a local bank, Nobody was a bit concerned. Remember that?

“Bank of America customers, vote with your feet, get the heck out of that bank,” Durbin said. “Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day. What Bank of America has done is an outrage.”

(Right. Five dollar fee…as compared to Obamacare, Dubin? Which will cost more?)

Well…sure, I could do that. But then I’d have to drive ten miles out of my way to my new little community bank, every time I wanted to go to the ATM. The gas alone would be suck up my five dollars.

What to do? Well…I like to tiptoe first before I do anything..you know…stick my toe in the water…so I looked for the nearest community bank near me…and there it was.  It was even called First Community! I put a whole $75 dollars in. I was officially supporting a small Bank— God…bless my little American soul.

As I was throwing out my junk mail tonight, and I came upon a brochure from my new little bank. Much to my surprise, my new little community bank’s President had been appointed to the Federal Reserve Bank. And more importantly, you could go to Wal-Mart and do your banking there! He wanted you to do that. Cash that check and go spend!

Let me see….My little community bank was part of the Federal Reserve and it was using Wal-Mart to get customers…have I missed something here?

From Forbes:

Four years ago, Wal-Mart abandoned its plans to obtain a long-sought federal bank charter amid opposition from the banking industry and lawmakers, who feared the huge retailer would drive small bankers out of business and potentially conflate its banking and retail operations. Ever since, Wal-Mart has been quietly building up à la carte financial services, becoming a force among the unbanked and “unhappily banked,” as one Wal-Mart executive.

Let’s talk about this Wal-Mart, We do everything but change your underwear retail experience, shall we?  

In the past twenty years, America has replaced its vast network of privately owned retail shops to the big shopping retail stores: Home Depot and Lowes have annihilated the small mom and pop hardware stores. This is progress…we are told. This is American capitalism at its finest. Our country was flooded with cheap products from China.

When Wal-Mart popped up all over the world..you STILL had competition: you had Kmart and Target.

Competition is good–Right? So said Adam Smith. Competition is what makes capitalism so great…so….this year, my local Wal-Mart is going to move a few miles down the street…just so it can be between K mart and Target. Almost on the same block.

Kmart will be crushed. We all know it’s days are numbered. I know it’s the job of the CEO’s to smash all competition…but when there’s no one left standing, you have a monopoly. And that’s NOT good. That’s China. One Store. One Party. One Food supply. Yuk.

Nobody is confused here: Bank of America…is not part of the Federal Reserve…right? BUT…Wal-Mart is hosting banks from the Federal Reserve in its stores…which go all over the world. And..what if…Wal-Mart is the last store standing, and it holds the cheapest banking rates in the world, and those banks are all owned by the Federal Reserve some day?

Aren’t we all suppose to be going towards MORE competition..not less? Isn’t that just a bit too…scary? All the little banks will go under, and the only ones left standing will be the big ones…and the Federal Reserve Bank will be the only place the lower classes will be able to bank. It might not happen…but then…did you ever think that we’d have a President named Barack Hussein Obama?

Wal-Mart’s slogan is: Low prices, everyday. I don’t know about you…but the last time I was in Wal-Mart, all I wanted to do was leave.

Obama would be proud. Wal-Mart is fundamentally changing America. When all Wal-Mart’s competition is gone, you will be able to buy everything you need…in just one store, and you will get your money right there at Wal Mart. To the Federal Reserve and Wal-Mart, it’s a win/win.

I remember not too long ago, Rush Limbaugh lauding the wonderful world of Wal-Mart..how it helped the poor with low prices, what a model of success it was…etc. etc…but sometimes you can get too much of one thing. The rich will aways have their stores, but the poor will have only one place to go: Wal-Mart. It’s already the story here in North County, St. Louis.

 The banking will be cheap, the groceries will be…cheap. The drugs will be cheap….but the price you really pay, you might never know.

January 1, 2012 Posted by | capitalism, China, Congress, Uncategorized | , , , , , , , | 5 Comments