Banking Monopolies: Between 1990 and 2010, thirty-seven banking institutions were consolidated into four: Bank of America, Wells Fargo, Citigroup and JPMorgan Chase.
Patrick McCarthy / November 1, 2011 at 1:04 PM DT
I poorly phrased my first post, so I thought I'd try to redo it.
David Sauter / November 6, 2011 at 11:17 AM ST
Nationalizing the banks is not the answer. Credit Unions fill the local use case quite well and I would hate to see them go.
Breaking up the horizontal monopolies is required (I.E. separate different kinds of banks.). Other than that however there's no simple solutions. Money will always gravitate towards those who have it and banks have a lot of it.
Patrick Ander / November 7, 2011 at 9:45 AM ST
I see that the money could be moving towards the local credit unions, at least on a personal level. I don't think many large companies are moving their money, but with the recent movement towards credit unions and the reports that a large number of people and some small businesses are doing so, that could be a good sign.
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