Wal-Mart defends bank bid:

"That could threaten community banks, according to trade groups that say Wal-Mart has the size and resources to lower prices long enough to drive small banks out, and then raise prices once it dominates the market."

Um .... You mean that Chase, Citi, and BoA are afraid that Wal-Mart might compete effectively and beat them at their own game? How many dollars are with Community Banks? How many people that use community banks don't already compete with CitiBank or Wells Fargo?

In poorer regions and neighborhoods, Wal-Mart should open retail banks. Lowering fees and giving poor folks access to credit is a good thing that people in wealthy areas already enjoy.

Banking for poor folks is difficult at best. Between the currency exchanges (as they are called here in Illinois) and check cashing places, and the need to carry your entire paycheck in cash (minus the fee, of course) makes for a difficult and expensive way to "bank." This is nothing compared on what easier capital could do to help neighborhoods start businesses and make home improvements.

What about letting more competition into market and letting more people have access to banking services? If anything, the major banks should be ashamed of their record on "red-lining" neighborhoods. If they still won't put branches in poorer neighborhoods, then let Wal-Mart go there and try to succeed.