- Number of the Week: Big Banks Gobble Up Market Share - Real Time Economics - WSJ: "13.3%: Assets of the top five U.S. banks as a percentage of all U.S. financial firms’ assets. Size has advantages. But in the case of the biggest U.S. banks, it could also be one of the greatest weaknesses in the global financial system."
The too Big to Fail Banks are getting Bigger and Bigger of course. There is no will within the government to put a stop to big bank domination. It is a dominance that is in the form of monopoly except there are several TBTF banks that are in charge of the money system in the United States.
More from WSJ
- The top five U.S. commercial and investment banks — Bank of America, J.P. Morgan Chase, Citigroup, Wells Fargo and Goldman Sachs — have emerged from the financial crisis larger than ever. As of the third quarter of 2010, they had a total of $8.6 trillion in assets, according to data provider Capital IQ. That’s 13.3% of all U.S. financial firms’ assets, up from 11.8% three years earlier, when the financial crisis hit.
- WSJ: Size can be good, allowing banks to compete globally and provide services to customers at the lowest possible cost. But it also gives the top banks a lot of political influence. That could be a problem at a time when new financial-reform legislation has given U.S. regulators more leeway than ever in reshaping the rules by which the banks operate.
The banks have those in Congress and the White House wrapped around their fingers and know they are running the country. The politicians won't stand up for the people or the country because they already took such a beat down when they caved on TARP. The banks are the pimps and Congress are the hookers afraid to say boo. Indirectly we are all being pimped out by the banks who are taking tax dollars to cover their losses and giving away massive pay checks and dividends. I
Nothing has changed. The public has had a chance to vent but it doesn't it doesn't matter the banks are left standing bigger, taller and stronger than before eve after ruining the hopes and dreams of millions of Americans.
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