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.
Cruel to be kind means that I love you . Because, while I think you are mistaken, your hearts are in the right place -- yes, even you, Silas -- unlike some people . This Breitbart fellow (discussed in the link above), by all appearances, deliberately doctored a video of Shirley Sherrod to make her remarks appear virulently racist, when they had, in fact, the opposite import. I heard that at a recent Austrian conference, some folks were talking about "Callahan's conservative turn." While that description is not entirely inaccurate, I must say that a lot of these people who today call themselves conservative give me the heebie-jeebies.
The name is a misnomer. And a harmful one, because it interferes with understanding the process that is really occuring. What is really occurring is a search of a constrained program space. Let's say you want to be able to identify images of hot dogs . You begin with a plausible program for doing so, that is able to also search the space of nearby programs that might get better results on the problem. You then (in "supervised learning") provide scores that indicate how well one of these possible programs has done on solving the problem. After doing this for some time you settle upon a program that solves the problem "well enough." This is a great technique that can produce truly impressive results on a wide class of problems, such as identifying images of hot dogs. But notice that, except for the phrase in scare quotes, there is no "learning" in the description. Calling this "learning" is importing ideological baggage that just obscures what
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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