He has a wealth of opinions concerning the future of information technologies and ye olde world wide web, but perhaps the most interesting comments shared were his opinions on the financial sector of the american economy.
Good banks, bad banks, doesn’t matter. What we need are new banks. And I actually think what we need — and I think the [Silicon] Valley can play a role in this, I think there should be a new wave of financial institutions that should be created from scratch today. And they should take the role. So instead of trying to unwind some big bank that’s underwater, and hundreds of billion dollars insolvent, let’s create a whole bunch of new ones. And by the way, let’s have them all be new and online. So instead of having all this infrastructure and all these old systems and these ATM’s and all this stuff, let’s do purely online, purely Internet banks. Purely virtual, much lower cost structure.
Maybe this is only interesting to me because for the past several months, ever since someone started working at one of the n-teen banks and processing centers in the somewhere area operated by some so-called "too big to fail" bank, I have ardently maintained that even a stupid piece of programming code written by me could perform that person's job -- which mainly consists of copying and shredding sensitive documents and filing the paperwork for loans which have been paid in full. So at least in a local sense relative to me, the criticism that Andreessen has for oversized, inefficient banking institutions is sound. Furthermore, this model of limiting capital expenditure on infrastructure by relying more upon server-filled data centers has proved successful in retail, as seen in the resiliency of Amazon which is described in this Slate article. At any rate, this is an interesting idea, albeit one that is unlikely to be espoused by anyone in the federal government.
1 comment:
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