Posts Tagged ‘at&t’

Too Big To Fail? Too Big To Exist!

 

Some facts to ponder from Senator Sanders’ remarks:

  • The four largest banks issue two-thirds of United States credit cards
  • The four largest banks make half of all U.S. mortgages
  • The four largest banks hold forty percent of bank deposits and $7.4 trillion dollars in assets.

In the late 19th and early 20th centuries, our government passed the Sherman and Clayton Acts, which were aimed at ensuring a competitive environment in which the free market can operate. Standard Oil, which at one point, controlled 91% of production and 85% of final sales of oil, was broken up because it was too big.  More recently, AT&T was forced as part of a legal settlement, to break up into smaller companies. It held a sanctioned monopoly over telephone service for many years.

Over the past thirty years, our anti-trust laws have been largely ignored. If there was ever a time when they need to be dusted off and put into action again it is now. The banks control too much of the United States and their folly has hurt not only the U.S. economy , but the global economy as well.

What do you think? Is it time to break up the banks?

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