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Re: [OM] PayPal Interest Charges

Subject: Re: [OM] PayPal Interest Charges
From: Joshua Putnam <josh@xxxxxxxxx>
Date: Tue, 12 Feb 2002 06:58:49 -0800
Roger D. Key wrote:

The problem is that the US financial system, as related to banks, is one of
the western world's most unsophisticated systems. I think that it all goes
back to bank laws that were created to save local banks from being taken
over by large banks.


Beyond that, laws enacted because of the bank runs and general financial panic of the Great Depression were specifically intended to prevent the formation of large, integrated, national banks, whether they grew on their own or bought out smaller banks. There were also many fields of financial business that retail banks simply weren't allowed to get into. All of this has left the U.S. with a banking system well-adapted to the conditiona in the 1930s when these laws were passed.

There has been some reform of these laws over the last decade, but the U.S. still lags far behind the rest of the world in the integration of financial services. You simply cannot find the sort of financial house that you'll find in Europe, a single company that will handle all your financial, insurance, legal, and accounting affairs.


--
          josh@xxxxxxxxx is Joshua Putnam
            http://www.phred.org/~josh/
        Braze your own bicycle frames.  See
    http://www.phred.org/~josh/build/build.html


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