You know the big banks have gotten bigger.
As Rolfe Winkler noted last September:
the big have gotten even bigger since the start of the financial
crisis. At the end of 2007, the Big Four banks — Citigroup, JPMorgan
Chase, Bank of America and Wells Fargo — held 32 percent of all
deposits in FDIC-insured institutions. As of June 30th, it was 39
(If the image doesn’t load, click here.)
But Simon Johnson gives an even broader perspective on how big the too big to fails have gotten:
years ago, the combined assets of our six biggest banks totaled 17
percent of our GDP. By 2006, that number was 55 percent. Right now, it
stands at 63 percent.
Johnson also points out that:
big four have half of the market for mortgages and two-thirds of the
market for credit cards. Five banks have over 95 percent of the market
for over-the-counter derivatives. Three U.S. banks have over 40 percent
of the global market for stock underwriting.
As I've previously noted, the government created the mega-giants (they are not the product of free market competition), and their very size destroys the real economy like a massive black hole destroys the matter around it.
And as Johnson and many others
have pointed out, the very size of the giant banks enables them to
easily capture politicians ... about as easily as the Great Attractor captures galaxies.