Published on May 26, 2017 by Tulsi Gabbard
Last week Treasury Secretary Steven Mnuchin indicated that the Trump administration will oppose any common sense legislation to break up the big banks and they will also support allowing “too big to fail” banks to continue to gamble with American’s hard earned savings, retirements funds, etc., just like they did before the Great Recession and the $700 billion taxpayer bailout of Wall Street.
In a word, the Trump administration will cater to the demands of Wall Street, rather than what’s needed for the American people. I have long pushed for a 21st Century Glass Steagall Act, to break up the “too big to fail” banks, separate risky Wall Street investments from ordinary commercial banking, close loopholes that allow risky banking practices, and enforce penalties for banks that break the law. It is absurdly hypocritical for the Trump administration to say that they support some sort of Glass Steagall Act but they simultaneously want to gut the entire purpose of the legislation.
How did 4 banks take over the entire US banking system?
The Banking Oligopoly in One Chart
The “Big Four” retail banks in the United States collectively hold 45% of all customer bank deposits for a total of $4.6 trillion.
The fifth biggest retail bank, U.S. Bancorp, is nothing to sneeze at, either. It’s got 3,151 banking offices and employs 65,000 people. However, it still pales in comparison with the Big Four, holding only a mere $271 billion in deposits.
Today’s visualization looks at consolidation in the banking industry over the course of two decades. Between 1990 and 2010, eventually 37 banks would become JP Morgan Chase, Bank of America, Wells Fargo, and Citigroup.
Of particular importance to note is the frequency of consolidation during the 2008 Financial Crisis, when the Big Four were able to gobble up weaker competitors that were overexposed to subprime mortgages. Washington Mutual, Bear Stearns, Countrywide Financial, Merrill Lynch, and Wachovia were all acquired during this time under great duress...snip
http://www.visualcapitalist.com/the-...-in-one-chart/
Robert F. Kennedy Jr. On The Record
Thread Starter: PAFRobert F. Kennedy Jr. On the Record RFK has never held office, therefore no voting record exists. The following are interviews, tweets and statements . About Robert F. Kennedy Jr. Robert F. Kennedy Jr. on Rumble
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