Brown Sludge

They… Want… It… ALL

March 15th, 2006

CNNMoney.com (via Reuters) is reporting that lawmakers are upset about Big Box Mart’s plan to go into the banking business.

As if they haven’t shuttered enough businesses on Main Street – now they’re aiming for the banks as well.

According to Reuters :

In a highly critical letter to the acting chairman of the Federal Deposit Insurance Corp., obtained by Reuters, a group of more than 30 congressmen asked the bank regulator to reject Wal-Mart’s (Research) application to open a bank in Utah.

The article listed a handful of Democrats as being confirmed signers – then went on to say that the entire list wasn’t immediately available.

I wonder if there was a single Republican signature on it?

A little research shows that back in January – then Fed Chairman Alan Greenspan was trying to get a monkey-wrench into the deal. This according to MSNBC :

WASHINGTON - Federal Reserve Chairman Alan Greenspan is urging Congress to close a regulatory loophole that lets companies own a certain breed of banks, including a bank Wal-Mart Stores Inc. wants to operate in Utah.

The Fed chief’s remarks take direct aim at an exemption in federal law that allows any type of company — commercial firm, foreign bank or other — to own so-called industrial loan companies in a handful of states, principally Utah, California and Nevada.

Greenspan typically never gets in the way of these kind of things. If even he’s worried – people should take notice.

The other day I was visiting a dollar store in a strip mall where a Big Box Mart was located – and noticed that they’re gigantic warehouse affiliate had installed it’s own GAS STATION.

Who’s left?

Your local independent hardware store? [Dying]
Your local independent pharmacy? [Deceased]
Your local independent eye doctor? [Dying]
Your local independent pet store? [Dying]
Your local independent gas station? [Deceased]
Your local independent grocery store? [Dying]
Your local independent appliance store? [Dying]
Your local independent book store [Deceased]
Your local independent coffee store? [Deceased]
Your local independent farmer? [On Life Support]
Your local independent manufacturer? [Target for Destruction]
Your local independent computer and software store? [Deceased]
Your local independent radio station? [Dying]
Your local independent BANK? [Targeted For Destruction]

Think about it.

Entry Filed under: General