( – promoted by buhdydharma )
The Washington Post carried an article last week outlining the immense consolidation that has taken place in the US banking system as a result of the policies of the Bush and Obama administrations in response to the financial crisis.
The article, entitled “Banks ‘Too Big to Fail’ Have Grown Even Bigger,” reports how the largest banks have consolidated control over a greater share of financial markets and are using their monopolistic position to increase their profits by raising fees and interest on consumers and small businesses.
“The oligopoly has tightened,” said Mark Zandi of Moody’s Economy.com, who is quoted in the Post article. “There’s been a significant consolidation among the big banks, and it’s kind of hollowing out the banking system,” he added.
When you put the bankster frauds in charge of the economy, how can you be surprised that the banks have grown even more powerful? If your an Obama fan, consider this question. At best, we’re going to rebuild the economy based on the same recipe that we’ve just gone through that led to our economic collapse. At worst, the same thing.