Everything you can imagine is real. RSS

An eclectic collection of things I'm reading, looking at or thinking about.

A stream of consciousness companion to the Park Paradigm.

Archive

Jul
9th
Wed
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Not everything is a nail

Pew research tells us that the way many banks deal with their customers with respect to overdrafts is at best unfriendly and at worst toxic. Their answer (of course, sigh…) is more regulation:

"The results of our research overwhelmingly show the need for new rules to govern overdrafts. Since prepaid cards are relatively new to the market and overdrafts are rarely offered, we urge the CFPB to ban this feature when it proposes rules for general purpose reloadable prepaid cards this summer. Overdraft practices are more entrenched in checking accounts, so we propose that the CFPB prohibit reordering of transactions that maximizes overdraft fees—and require that these fees be proportional to a bank’s costs to provide the loan." http://www.americanbanker.com/bankthink/consumer-overdraft-concerns-highlight-need-for-reform-1068409-1.html

Always more regulation.

But what about more competition? Why does no one seem to see that this enormous thicket of complex regulations that has metastasized in Washington DC and other capitals is perhaps a key factor in these evil outcomes for consumers? By protecting incumbents from new entrants, new business models, giving them freedom to shoot their proverbial customers in their government-protected barrel with impunity knowing that their customers have no place else to go, over-regulation just creates a culture of poacher and gamekeeper that ignores the customer.

Is it ridiculous to think that in a world where it was easy for entrepreneurs to create and build new current account products and services, that no one would think to build a business that wasn’t premised on tricking and screwing over their customers? (Oh wait, isn’t that what Simple, Moven and others are doing? Yes, but there should be dozens of these and they are considerably slowed down by a regulatory landscape that treats them with the same aggressive suspicion as it does the cynical incumbents it helped create.)

If Starbucks served crappy coffee in a dump, customers would go to the coffee house next door that served great coffee with a smile. The knee jerk reaction wouldn’t be to say we need rules to prevent Starbucks from selling bad coffee in ugly stores. And consumers would have a choice because Starbucks isn’t protected by a thicket of regulations that only they can afford to navigate.

I just wish regulators would stop trying to micro-manage everything and create variable speed regulations - if you are small and your business model is intrinsically consumer friendly, recognize this; if you are big and a convicted business model thug, the regulatory rope should much shorter…

#justsayin’

Jul
8th
Tue
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Better late than never…

"The world’s incumbent financial institutions are deeply mired in Christensen’s Innovator’s Dilemma, protected by regulatory barriers to entry that while not fundamentally altering the long-term calculus, have pushed back the day of reckoning only to make that day seem ever scarier. It might seem counter-intuitive, but I think we should be calling not for more regulation but for de-regulation of financial services (the real, robust, playing-field-leveling type and not the let-us-do-what-we-want-but-keep-out-any-competitors type). Competition is a far more robust route to salvation than regulation. Let a thousand flowers bloom."

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Better late than never…

"The world’s incumbent financial institutions are deeply mired in Christensen’s Innovator’s Dilemma, protected by regulatory barriers to entry that while not fundamentally altering the long-term calculus, have pushed back the day of reckoning only to make that day seem ever scarier. It might seem counter-intuitive, but I think we should be calling not for more regulation but for de-regulation of financial services (the real, robust, playing-field-leveling type and not the let-us-do-what-we-want-but-keep-out-any-competitors type). Competition is a far more robust route to salvation than regulation. Let a thousand flowers bloom."

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The transition from the industrial age to the information age is driving a secular shift to a world of accelerating change and structural uncertainty. Traditional educational and career paths are ill adapted to developing the types of professionals and leaders that the financial services industry will need to survive and thrive in this new environment. The Anthemis Fellowship is our modest contribution to creating a new paradigm in professional development, one that we aspire will become a model for finding and developing the future leaders of 21st century finance.
— …the start of a very exciting journey.
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The Anthemis Fellowship is our modest contribution to creating a new paradigm in professional development, one that we aspire will become a model for finding and developing the future leaders of 21st century finance.
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Our vision is for the Fellows to use this time and experience to broaden their horizons and to act as a springboard allowing them to flourish in their future careers.
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I think [with] the great companies there’s always this mission part where there’s always a sense that if you didn’t do it, no one else would. If you aren’t working on this, this will not get built. That was true of the original Paypal vision.

http://getprismatic.com/story/1404145375632

I sometimes wonder if our mission @anthemis is too big…then I say nah, yolo.

Jul
6th
Sun
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terriblerealestateagentphotos:

This is what happens when you give a monkey his own room and let him decorate.
Follow on Twitter @BadRealtyPhotos

terriblerealestateagentphotos:

This is what happens when you give a monkey his own room and let him decorate.

Follow on Twitter @BadRealtyPhotos

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theeconomist:

Daily chart: Red tape tangle
Our interactive chart tells you which US states are best and worst for small businesses

And yet California is the land of startups…

theeconomist:

Daily chart: Red tape tangle

Our interactive chart tells you which US states are best and worst for small businesses

And yet California is the land of startups…

Jul
4th
Fri
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