The British retailer Tesco is getting into the banking business in a big way, the Financial Times reports. It's a reminder that the banking business can be dynamic. Just because the big existing banks fail or become wards of the government does not mean there is no money to be made in banking. The gaps can be filled either by startups or by firms that are strong in other fields that decide to expand into banking. One of the arguments for bailouts was that without them banking services or credit would become unavailable. That's like arguing that unless the government had stepped in to save Eastern Airlines there would be no passenger air service, or unless the government had stepped in to save the Duesenberg there would be no cars.
Tesco Gets Into the Banking Business
https://www.futureofcapitalism.com/2009/07/tesco-gets-into-the-banking-business
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