Community Banks Fail Because Wall Street Owns Congress

Community Banks Fail Because Wall Street Owns Congress

note taken by Marshall Mayer on August 9, 2010 at 1:15 PM on the Twodot Highway at 2nd Avenue in Twodot, MT USA

Image and text above Copyright © Marshall Mayer. This work is licensed under a Creative Commons License.

Marshall Mayer
Marshall Mayer says:
Aug 23, 2022 10:56 AM

In the aftermath of Wall Street-induced Great Recession, Senator Dick Durbin (D-IL) said, "...when it comes to the banking lobby, they own the place. It might have been an overstatement. But not by much." Those banks don't lobby for the industry as a whole, however. Rather they lobby only for the biggest banks, those that control the vast majority of deposits and loans, hoping that the benefits trickle down to the smaller banks. Since the deregulation of the industry in 1999, the big banks are only bigger, after being bailed out by several trillion dollars during the Great Recession. Lots of smaller banks were closed or were merged with larger banks. Neoliberalism makes the already rich much richer.

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