Door-to-door salesmen are one thing – door-to-door bankers are quite another. I bet it doesn’t end there.
Despite the fact that Seth has mentioned this and now everyone is going to go short Citigroup, his observation is correct, and it goes far beyond simple checking accounts. The financial services sector is reeling from its own efficiencies, particularly in distribution. Traditional stock brokerage is dead as far as I am concerned, and news on fraud in the sector just keeps pouring in.
Watch out for mutual funds, credit cards, and even mortgages getting sold door-to-door in your neighborhood soon. Then hide!