Wal-Mart and Banking

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In a just world, Wal-Mart would have received the corporate death penalty long ago and we’d be done with it. (For reasons why: see T.A. Frank’s piece here, or the essay “Inside the Leviathan.”) But given that Wal-Mart’s not going anywhere anytime soon, I should say I’m fairly persuaded by David Leonhardt’s twopart argument as to why Wal-Mart should be allowed to open its own banks.

A Wal-Mart banking system that becomes insanely popular isn’t likely to put low-wage workers out of work—it will just hurt other banks—and it is true that many low-income families don’t have checking or savings accounts because, as I reported here, of steep fees and barriers to entry. Perhaps Wal-Mart could use its magic to lower those fees and barriers and help more people get savings accounts, which in the abstract would be a good thing. (No doubt the store could figure out ways to screw borrowers over, though.)

Perhaps progressive legislators can strike some sort of compromise: Wal-Mart gets the right to open its own banking services, but in return they’ll be required to offer the sorts of not-entirely-profitable services that regular banks don’t ever offer yet low-income families often need—such as payday lending—that would enable many poorer workers to escape the exorbitant fees they have to endure on the secondary lending market. That seems pretty unobjectionable.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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