Wal-Bank Update

Wal-Mart has abandoned it's plans to run a industrial loan corporation, or "Bank" as the knee-jerks call it.

The chairman of the FDIC, Sheila Bair says the decision to withdraw the application was a "wise choice" because of emotional (controversy) not factual (how it will help/hurt anyone - and if it's better for consumers). Mind you, she's the chair of the FDIC. You would think that she'd rise above the noise of emotional controversy and focus on data.

But nope. Somehow its OK for Target to have this type of banking, but not Wal-Mart. Not to be picky, but this feels like a government mandated business advantage, which, to me, is much more controversial.

Bottom line, I'm not sure the consumer won today.