This article is very discouraging: Our government has still not written the rules OR taken action to prevent a repeat of the banking crisis that almost caused the U.S. economy to collapse not so long ago, and which was directly responsible for millions losing not only their pension funds (although I have ALWAYS felt it was a bad idea to gamble essential moneys in the stock market) but their homes. Its a catastrophe that our country still hasnt recovered from, and which continues to negatively affect economies worldwide. Neither the American economy nor our banks are isolated from the rest of the world---and that is in fact part of the problem--we can set all the banking rules and laws we want in this country, but we may not even be able to enforce them depending on where the parent banking corporation is actually based. Moreover, one of the biggest issues behind the inevitability of our government banking bailout is the decades long relaxed climate towards major corporation mergers into mega-corporations (in direct violation of the spirit, intent and necessity of existing anti-trust laws). When too big and too powerful mega-corporations strangle any competition and stagnate the economy, essentially holding their customers--and even governments hostage. Yet even after our last major economic crisis reinforced the point, bank mergers have GROWN by 30%! Read the article, it explains it much better than I can. People should be angry about this, and protesting in the streets until action is taken. Its too important--too critical to ignore any longer. And in the meantime, there should be a freeze on ANY further mergers, banking or otherwise. The whole standard and regulatory state must be re-examined and updated.
Posted on: Wed, 13 Nov 2013 16:21:42 +0000