Too Big To Fail Banks Are Taking Over As Number Of U.S. Banks Falls To Record Low
This is horrific for low-income communities, the economy in general and what still passes for our representative democracy.
We broke up the oil oligopoly a century ago and the telephone monopoly a few decades ago (which helped for a bit, before of course they recoagulated). It’s now time to break up the 6 big banks. Otherwise, their collective $441,000,000,000 000 (trillion) worth of exposure to interest rate derivatives (holy smokes!) will be exposed when interest rates eventually take off (the Fed can’t keep forever pumping $85 billion every month into the economy without causing inflation, which will force interest rates to rise).