The depositor or the consumer and the bank think they're getting two completely different things. There's a fundamental market failure with banking that needs to be addressed by the federal government.
In a conversation about the possibility of a bank run happening, the concern is raised that warning people about it could actually create it. The recommendation is made that a federal agency step in with a significant financial guarantee to backstop the banks and prevent a contagion effect from spreading.
The principles of the banking system and cryptocurrencies are vastly different, leaving those in the banking system skeptical of the future of crypto. However, the introduction of crypto could bring about a shift in the traditional banking structure.
The episode delves into the recent decision by MoviePass to lay off a third of its staff and examine what company leadership could have done differently to avoid this outcome, particularly with regard to prioritizing growth over profitability. The root cause of why MoviePass has to restructure is not a company that doesn't have consumer demand but may have been mismanaged for growth to match consumer demand because of too much money.
Online banking has revolutionized the way we access our bank accounts by providing convenience and ease of use. Wells Fargo paved the way in 1995 as the first bank to offer internet banking to their customers.