Should Wal-Mart be allowed to have a bank?

Robert Reich thinks so. I was surprised to see the former Labor Secretary for the Clinton Administration standing up for Wal-Mart.

For the record, Wal-Mart says it only wants a way to offer discounted credit card services for purchases its customers make at Wal-Mart. But a lot of people are skeptical that Wal-Mart will stop at that.

This seems to be the same ol' Wal-Mart argument with a banking theme. Supporters say that Wal-Mart is good for consumers, particularly low income consumers who need it the most. Detractors say that the damage Wal-Mart does to the economy via low wages, lack of benefits, forcing manufacturing overseas, and driving the little guy out of business, is not worth the benefit. At least that's my summary in a nutshell.

My guess is that if Wal-Mart wants to provide banking services, they will be allowed to do it. This will be an interesting one to watch.