Economist Liked Wal Mart Bank

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It looks like Wal-Mart has given up their hopes of becoming a industrial loan corporation (ILC). So many letters of opposition caused the FDIC to put a moratorium on ILC applications.

George Selgin, professor of economics at the University of Georgia, liked Wal-Marts idea, "I think it’s too bad they gave up in the sense their entry would in all likelihood have been beneficial. I don’t think there is any reason for any opposition except for rival banks fearing competition."

Read the full story in The Morning News

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