As if controlling nearly every major market in this country and the world weren't enough, Wal-mart is once again attempting to get into banking. The corporate behemoth has applied to create an industrial loan corporation in Utah. Wal-Mart has been denied attempts before, including an attempt to create and ILC in California, so let's hope it happens again.
Everyone knows Wal-Mart has a preposterous market share on most of the products it sells. It has a sixty percent share of the Discount Department/General Merchandise industry. It sells thirty percent of household staples such as toothpaste, shampoo, and paper towels. It controls twenty-eight percent of the toy industry and twenty percent of the music industry. Picture this: a single corporation virtually controlling the nation's money supply?
Imagine what Wal-Bank could do to the banking industry. Other banks will have to nickel and dime us until we can't take it anymore. Mortgage lenders will have to add last-minute junk fees. Credit card companies, already out of control, will jack up their rates even higher.
I am not an anti-capitalist. My criticism of Wal-Mart comes out of concern FOR capitalism, not against it. Simply put, Wal-Mart is bad for Business. Capitalism demands competition, as it stimulates innovation and efficiency, but when there is no competition left, what do you have? It certainly isn't capitalism anymore.
Please, don't say you have no choice to shop at Wal-Mart. Drive over to the next town if you have to. Don't say "one trip won't hurt," either. Imagine how many others also say "just one trip." Just stop shopping there before you no longer have the choice to shop anywhere else.
For more info on Wal-Mart, see Wake Up Walmart! and Wal-Mart Watch.
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