Roger D. Key wrote:
The problem is that the US financial system, as related to banks, is one of
the western world's most unsophisticated systems. I think that it all goes
back to bank laws that were created to save local banks from being taken
over by large banks.
Beyond that, laws enacted because of the bank runs and
general financial panic of the Great Depression were
specifically intended to prevent the formation of large,
integrated, national banks, whether they grew on their own
or bought out smaller banks. There were also many fields of
financial business that retail banks simply weren't allowed
to get into. All of this has left the U.S. with a banking
system well-adapted to the conditiona in the 1930s when
these laws were passed.
There has been some reform of these laws over the last
decade, but the U.S. still lags far behind the rest of the
world in the integration of financial services. You simply
cannot find the sort of financial house that you'll find in
Europe, a single company that will handle all your
financial, insurance, legal, and accounting affairs.
--
josh@xxxxxxxxx is Joshua Putnam
http://www.phred.org/~josh/
Braze your own bicycle frames. See
http://www.phred.org/~josh/build/build.html
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