25 — 30 years ago banks paid an interest rate to people because everyone understood that they were going to go out and use their money to make money by lending it out. They were only allowed to have one bank and one branch…not a McDonalds or a Pizza Hut kind of thing—1 bank and 1 branch…banks all over the place…differentiated banks—savings and loans, credit unions, and community banks and all of that kept the banking business competitive and not a single one of them was too big to fail…

that is a horrible business model…

Now, today, 6 banks control it all, they charge people to even have an account, you going to use your atm card? That will cost you. You’re going to swipe a debit card—that will cost you….my friends in the banking business joke to me that this is mission accomplished. I think they have set their sites way too low…I tell them they need to get rid of cash altogether. Think about it—every swipe, every transaction? I get a piece of that? ooh…don’t mind if I do…