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'Banking Is Necessary--Banks Are Not' Why has banking become less and less important to America? Let us count the ways. - May 11, 1998

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Over the years, nonbanks have had surprisingly little difficulty replicating basic bank services.

From 'Banking Is Necessary--Banks Are Not' Why has banking become less and less important to America? Let us count the ways. - May 11, 1998

That’s from almost two decades ago. It was clear then that banks had only the regulatory moat to defend their 

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