'Let's All Get Crazy Again': Comments of the Week
July 22, 2016 7:30 AM
American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.
A retort to an op-ed in favor of pulling the plug on Dodd-Frank:
"Sure, why not. What's wrong with another giant recession and more bailouts as long as banks can rake more income and get into riskier products. Let's all get crazy again!!"
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On the idea that broader use of bitcoin might make it resistant to government attacks (via <a href="https://www.reddit.com/r/Bitcoin/comments/4t39sn/how_big_should_bitcoin_blocks_be_depends_on_your/?st=iqs2xq1m&sh=9fd9a82a" target="_blank">Reddit</a>):
"The idea that censorship of Bitcoin will be politically unfeasible if adoption is widespread but mining is centralized seems obviously false in my opinion. The public seems to believe that there is nothing wrong with freezing bank accounts as long as it's not MY bank account, so why would they be against freezing money just because it's Bitcoin?"
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On why blockchain hasn't yet changed the banking industry:
"Biggest obstacle to blockchain is that this elegant technology makes no economic sense
Technology does not scale
"
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On a bill to let banks that meet a more demanding capital requirement avoid Dodd-Frank Act requirements:
"So the government wants to create an even more 'un-level playing field' by handcuffing normally leveraged institutions that are the main economic engines in the communities they serve. Why not just shutter all the banks with less than 10% capital?"
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On banks testing ways to use Pokemon Go to bring consumers into branches:
"A lot of creative energy is being spent to cash in on the Pokémon GO platform. Are these same bankers spending the same amount of creative energy to opportunities for their customers and to improve their bank's profitability? I'd rather help people refinance a mortgage or upgrade their home then give them a few free Poké balls, potions, Pokémon to capture, etc."
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On Amalgamated Bank offering incentives to new customers:
"It's not hard to attract accounts when you pay $150, but that won't drive active use and loyalty."
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On an op-ed, by an author who works for Swift, suggesting steps banks can take to avoid de-risking:
"Problem is most banks have plumbing that cannot look into full visibility. SWIFT is just stating the obvious here."
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