So much for branch banking?

If your town is like mine, then you've watched the unbridled, almost comical expansion of bank branches on your version of Main Street over the past few years. As small shops have reluctantly given way to an ever more common set of bank branches and restaurants - which, ironically, are diametrically opposed in terms of customer traffic -- banks close early and don't retain customers in the area to go to the restaurants (with the ridiculous exception of CommerceBank that seems to be open 24x7). So in my town and its nearest neighbor have accepted a likely insane amount of rent from banks - that could afford it not long ago - to open up an ever expanding number of branches to "serve us better".

And then the banks imploded.

Now, WaMu is part of JP Morgan Chase (Bank of New York etc.); Wachovia today sold itself for $1/share to Citigroup. Who's next? Experts say the smaller banks (e.g., Hudson City, for example, which was smart enough NOT to be destroyed by greed oriented and risk ignorant lending practices) may have to sell themselves to be able to compete with the now three US majors. In either case, through bankruptcy or sale, branches will close. Redundant branches simply will not be retained. Jobs will be lost. And storefronts will once again be empty, victims of both the banking insanity and landlord greed.

I can see a branch or two closing in my town, the same (if not more) in the next town. What will replace them? Already, non-banks and non-restaurants have closed, and while Starbucks seems to be holding on, somewhat, lack of pedestrian traffic (from banks and stores) can't help and I guess we can't have more than, say, two Starbucks per block in the suburbs. More restaurants? Who can afford them (oh, several in our area are being converted to family friendly burger places since few have money to support an ongoing $100 per plate dinner out habit)? Wait! Nail salons! Nail salons seem to be immune to...oh, wait. Less expendable cash and less dinners...hmm, that doesn't bode well. Hardware stores? Less home refurbishment and less home building - nope.

Clearly, Main Street is being impacted by Wall Street. However, short-sightedness on Main Street has contributed to its own issues.