First, I'd like to apologize for not having this up sooner.
Second, my response:
I never realized how much easier it is now than years ago to get access to your money. As he said, the transaction cost is down and efficiency is up, which is a good thing. It may not have too much to do with economics but I did think it was pretty cool of how much easier accessing money. I couldn't imagine if I couldn't access my money as soon as I need it!
I like how back then in The New Deal era, people seemed to be more localized, as they termed it. People worried about other people and wanted to make sure workers were being treated fairly with good wages and a constant hold on their job. They didn't think of short term gains that in turn, could be detrimental to everyone. I agree with this completely and I wish others would be more last this. I hate seeing people that jobs got taken away and now they cannot find a job. It has happened to a lot of older people more than younger, at least in my town. Some of their jobs have been replaced and they don't know how to work machine or the job itself is not even needed anymore. They're left without a job and there's not too many places that will hire a 50 year old man that has done the same thing for the past 30 years and has no other training in anything else. It's the attitude of 'you can't teach an old dog new tricks.'
It's with anything. With the GE example, it also stopped looking out for the wellbeing of their workers and they sought more for capital growth. It's a nasty greedy game that bosses like to play.
Overall, this podcast was a great explanation of many things. I learned a lot.
It is so much easier accessing money. I never thought of it either. I have had to use travelers checks when i went on vacation to other countries, and it was so much easier just going to an atm.
ReplyDeleteI know it is better to think of the customer and the worker first, but i understand that businesses have to look after the shareholders. If only a bank could be a efficient and have high customer happiness. This reminds me of Wachovia. Wachovia had the highest customer service, but we all know what happened to them. Now, wells fargo survived 2008, but did not continue the good customer service tradition.
I agree with a lot of what you said, even though you focused on other things, you make al ot of great points that you did great analyzation on.
ReplyDeleteI like that you focused on the ease-of-access to money point. This I think is a way that banks have GREATLY improved over the years. Being able to get money wherever you need at the exact moment you need it is a convenience I think that, now that we have it, we can't imagine living without. That being said, some banks are trying to make it a little less easy. Bank of America recently announced that debit card holders will be charged for making debit transactions...something like $5 for every swipe. (I would need to check my facts on that, so don't quote me on the figure.) Um...that's like being charged to use YOUR money! What is wrong with this picture? Ah!
ReplyDelete