Just 3 'Superbanks' Now Dominate Industry

Just 3 'Superbanks' Now Dominate Industry

www.msnbc.msn.com

The financial crisis that has been sweeping the globe has reshaped nearly every corner of the economy, but no industry has been altered more radically than banking.

Several of the nation's biggest banks have failed or been absorbed by healthier institutions, leaving three giant "superbanks" with an unprecedented concentration of market power: Bank of America, JPMorgan Chase and Wells Fargo.

While that may be good news for emerging giants and the failing companies they helped rescue, the new oligopoly raises troubling questions about regulation and competition, analysts and consumer advocates say.

(visit the link for the full news article)

Is it just me, or does this seem to be a familiar pattern over the past few decades---Consolidation and buyouts, creating monopolistic dominence, and lack of choice?

Same thing appears to have happened with nearly all of our media outlets---Less and less smaller independent carriers, and more power wrested in the hands of a few VERY powerful people, who literally control EVERYTHING.

My conspiracy-nut-meter is going off again...Something about this gives me the creeps...

www.msnbc.msn.com
(visit the link for the full news article)

[edit on 6-11-2008 by DimensionalDetective]

I with you on this one. We could see it coming. Now everything will be price fixed. I suppose next many businesses will go down to credit starvation, etc. These banks will hold business live or die control. I don't want to even think about the home loan situation that will arise.

Edit: syntax


[edit on 11/6/2008 by roadgravel]

And the really funny kicker about this consolidation is that we the taxpayers are paying for it.

Does it gall anybody else that we hear about how much trouble the banks are in when, as the bailout is happening, these mega banks are buying other banks for a dime on the dollar and telling the government to take all the bad loans away from them? It's really unbelievable if it weren't actually happening. Pity Bank of America, it is in so much trouble that it bought Merril Lynch for a McDonald Happy Meal. Please lets bail them out.

It really "Grinds my Gears" as Peter Griffin would say.

I may not always agree with you DD, but you do always post some great stuff to talk about.

Multinational corporations function in this way. They are above governments and they heavily influence governmental policy in their favor with no concern for anything other than profit. Business fail and are bought up. Governments fail and are bought up. Who owns all this and who owns the armies?

From what i can see there only seems to be three companies that own all the banks in the UK also (surely cant be right) and one of them is the government.

www.guardian.co.uk...

Banco Santander, Lloyds TSB and the good old government, although technically the populace own the government ones, but they seem to have mislaid my share in the profits.

[edit on 6/11/2008 by whoswatchinwho]

Ok, everyone who saw this coming raise their hands.

*watches as EVERYONE raises their hands*

Why is that 80% of Americans saw this coming but they government thinks that they know better than us what is best for us?

Reminds me of the great depression. Everyone is living on credit just like the farms then. They cause all the credit to go bad for the next year. Then there is no money to loan out and the bank ends up owning everything and its not your fault you are going to lose everything. They did it before and they will do it again.
The sub prime mortgage scam was just step one of a much larger plan to destroy the Country's credit and own America.