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“Bank of America, J.P. Morgan and Wells Fargo now have 33% of all U.S. deposits, up from 21% in mid-2007-the fastest shift of such a large chunk of deposits in U.S. history. The three huge banks made 57% of all home mortgages in the first quarter, up from 28% in 2008.”
The Federal government gave tens of billions of dollars of our taxes in stimulus to these large banks, and they dutifully used that largess to outlast, outrun, or buy out their competition. They have also succeeded in encouraging the enactment of financial regulations that disproportionately restrict smaller banks, setting the stage for a financial landscape where a few oligopolies run everything.
It’s a cozy setup, with mega corporations urging the government to regulate their competitors out of existence in exchange for financial support to maintain the status quo. Consider the oft-repeated fiction that the White House is “anti-business.” Sorry – no matter which administration is in power, all three branches of government are in bed with business. It’s just anti-business if it’s your business, and you don’t make enough profits to own a few Congressmen.