Comments of the Week: Is Financial Education Futile?; Onshoring vs. Offshoring
Published May 3, 2013 9:48 AM
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Updated May 3, 2013 10:06 AM
1 Min Read
American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.
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On the Consumer Financial Protection Bureau's rule-making process:
"One hopes that the personnel at the CFPB will be as diligent in revisiting and evaluating their handiwork as they are at constructing it."
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On the Brown-Vitter 'Too Big to Fail' bill:
"Their objective is admirable. However, they have chosen the wrong tool to bring it about. It's not about the capital; it's about the subsidy."
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On a call to give existing reforms time before pushing the Brown-Vitter bill:
"Asking [us] to wait to see whether the post-Dodd-Frank Act and Basel III rule-making will produce the quality of supervision a healthy financial system needs is asking us to play the fool again."
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On banks teaching financial responsibility to consumers:
"It is incumbent on us all to elevate society's knowledge of financial matters. If for no other reason than to create a financially literate and informed electorate to vote on the increasingly technical matters of economics and finance that affects us all."
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On banks teaching financial responsibility to consumers:
"Banks can provide all the financial knowledge in the world, but if the consumer does not try to seek it out and understand it, it's all for naught."
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On Citi's call for banks to help build a nation of savers:
"Encouraging … our society to save more is a wonderful objective for Citi to pursue … I just don't believe it is as effective as teaching personal accountability and living within your means."
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On regulators' crackdown on banks offering payday-like loans:
"The reason this news is interesting is that it provides one more demonstration of the futility of trying to help the poor by making lending to them more onerous."
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On the ATM maker Diebold slashing jobs as part of an overhaul:
"It will be interesting to see whether the cuts include the least productive members of management, or are concentrated on the worker bees."
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On Bitcoin's potential to disrupt payments:
"Bitcoin might be a means of payment, store of value and unit of account but I can't see how it's an ethical one."
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On the benefits of bringing bank jobs back to the U.S. from overseas:
"Note that the bulk of Silicon Valley firms have done very little offshoring. They kept things onshore and innovation is happening."
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On the benefits of offshoring:
"It is no longer a cost arbitrage driving offshoring. It is the ability to scale with the right skills at the right time, flexible staffing options and the benefits of distributed operations around the globe."
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