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Banks use your money for interest and loans (or at least a percentage) and you get "free" money in the form of credit cards and interest. Facebook uses your data for ads in exchange for "free" services.

You can always opt out if you don't like it. Store your data in your mattress. :)

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That I do.

People know how banks operate and they are regulated. The same is not true for Facebook, which makes negative policy decisions all the time.

Yes, because the recent financial crisis proved how much we know about banks and their dealings.

Banks are one of the most opaque industries and are constantly devising (ingenious) ways around regulation.

Yes and that is with regulation. Imagine what Facebook is like.

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