Do you ever have one of those moments of pause and say to yourself, what have they done!
This was my reaction to a Washington Post article, Banks 'Too Big to Fail' Have Grown Even Bigger.
The worst actors of the financial crisis, those who should have gone down in the flames they set themselves, who were rescued by our government, are now beyond belief mega financial oligarchs, limiting consumer choice and making a mockery of the phrase moral hazard:
WaPo Author Cho:
J.P. Morgan Chase, an amalgam of some of Wall Street's most storied institutions, now holds more than $1 of every $10 on deposit in this country. So does Bank of America, scarred by its acquisition of Merrill Lynch and partly government-owned as a result of the crisis, as does Wells Fargo, the biggest West Coast bank. Those three banks, plus government-rescued and -owned Citigroup, now issue one of every two mortgages and about two of every three credit cards, federal data show.
In the last quarter, the top four banks raised fees related to deposits by an average of 8 percent, according to research from the Federal Reserve Bank of Dallas. Striving to stay competitive, smaller banks lowered their fees by an average of 12 percent.
I hope every American reads this, pulls their money out of these banks and transfers their card balances to smaller banks and credit unions.
Large banks with more than $100 billion in assets are borrowing at interest rates 0.34 percentage points lower than the rest of the industry.
You know how these banks tightened their grip around the American economy and consumer? Well, Uncle Sam gave them the money and bent every last regulation to do it!
Meanwhile the FDIC raised the number of troubled banks to 416. You know, the ones that were deemed too small not to fail.