I think Walmart is making a very good move going into financial services.
Let's face it, Walmart caters to the sub-prime world. I could care less about union issues, but like any rational person, I like reduced charges and fees for services. I only shop in Walmart when I have the desire to brush arms with the proletariat. If you want to see some hot MILFs go to Target.
A couple of months ago I was shopping in a Super-Walmart in Oldsmar, Florida, and it was the first time I noticed Walmart's financial offerings. There was a large area set up for fast finacial services, with several long lines of people willing to bank with Walmart. It appeared that a lot of those interested in the services were Mexican, and lo' and behold they had all kinds of products geared to Mexicans. Of particular interest to me was that Walmart was getting more than a point for wiring money to Mexico. More than a point for a riskless trade! Who wouldn't want that kind of action?
Walmart's low prices are an illusion, a product of a big lie. If you repeat "Low Prices" and put dumb smiley faces all over your products, people tend to believe it.
Anyhow...aside from liability issues, the sub-prime financial market is especially lucrative. I mention liability because I do a lot of work with mortgage lenders, and I can't believe how they're taking the poor and ignorant. I was recently appraising a house for a person who confessed to me that he couldn't afford the $300 appraisal fee. Usually I collect cash at the door from the sub-prime, but in this case the lender guaranteed payment. Here was a guy with a $300,000 house, who was struggling to get a $125,000 mortgage to do repair work, and he was paying over six points in fees and services!
Walmart's success, like it or not, is well deserved.
Ancaps often declare, "All rights are property rights." I was thinking about this the other day, in the context of running into libertarians online who insisted that libertarianism supports "the freedom of movement," and realized that this principle actually entails that people without property have no rights at all, let alone any right to "freedom of movement." Of course, immediately, any ancap readers still left here are going to say, "Wait a second! Everyone owns his own body! And so everyone at least has the right to not have his body interfered with." Well, that is true... except that in ancapistan, one has no right to any place to put that body, except if one owns property, or has the permission of at least one property owner to place that body on her land. So, if one is landless and penniless, one had sure better hope that there are kindly disposed property owners aligned in a corridor from wherever one happens to be to wherever the...
Taxation is not theft: "Let every soul be subject to the governing authorities. For there is no authority except from God, and the authorities that exist are appointed by God. Therefore whoever resists the authority resists the ordinance of God, and those who resist will bring judgment on themselves." -- Romans 13 The key idea implicit here, and the one that turned me on the subject of whether or not taxation is theft, is that "every soul" owes obedience to the "governing authorities." Now, if that is a debt I truly owe , then, when those authorities levy the taxes they need to do the job of governing, I owe them those taxes, and attempts to collect them certainly do not constitute acts of theft. And obviously it doesn't matter at all, from this point of view, whether or not I "signed" any sort of "social contract." (In fact, the history of political thought since the Reformation can be read as an attempt to find a secular rep...
I am currently reading The Master and His Emissary , which appears to be an excellent book. ("Appears" because I don't know the neuroscience literature well enough to say for sure, yet.) But then on page 186 I find: "Asking cognition, however, to give a perspective on the relationship between cognition and affect is like asking astronomer in the pre-Galilean geocentric world, whether, in his opinion, the sun moves round the earth of the earth around the sun. To ask a question alone would be enough to label one as mad." OK, this is garbage. First of all, it should be pre-Copernican, not pre-Galilean. But much worse is that people have seriously been considering heliocentrism for many centuries before Copernicus. Aristarchus had proposed a heliocentric model in the 4th-century BC. It had generally been considered wrong, but not "mad." (And wrong for scientific reasons: Why, for instance, did we not observe stellar parallax?) And when Copernicus propose...
I think Walmart is making a very good move going into financial services.
ReplyDeleteLet's face it, Walmart caters to the sub-prime world. I could care less about union issues, but like any rational person, I like reduced charges and fees for services. I only shop in Walmart when I have the desire to brush arms with the proletariat. If you want to see some hot MILFs go to Target.
A couple of months ago I was shopping in a Super-Walmart in Oldsmar, Florida, and it was the first time I noticed Walmart's financial offerings. There was a large area set up for fast finacial services, with several long lines of people willing to bank with Walmart. It appeared that a lot of those interested in the services were Mexican, and lo' and behold they had all kinds of products geared to Mexicans. Of particular interest to me was that Walmart was getting more than a point for wiring money to Mexico. More than a point for a riskless trade! Who wouldn't want that kind of action?
Walmart's low prices are an illusion, a product of a big lie. If you repeat "Low Prices" and put dumb smiley faces all over your products, people tend to believe it.
Anyhow...aside from liability issues, the sub-prime financial market is especially lucrative. I mention liability because I do a lot of work with mortgage lenders, and I can't believe how they're taking the poor and ignorant. I was recently appraising a house for a person who confessed to me that he couldn't afford the $300 appraisal fee. Usually I collect cash at the door from the sub-prime, but in this case the lender guaranteed payment. Here was a guy with a $300,000 house, who was struggling to get a $125,000 mortgage to do repair work, and he was paying over six points in fees and services!
Walmart's success, like it or not, is well deserved.
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