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The biggest issue I see here is that we are in the middle of a mess caused by lack of monopoly enforcement in the banking and finance sector by previous adminis
by TrevorJ 17y ago
The biggest issue I see here is that we are in the middle of a mess caused by lack of monopoly enforcement in the banking and finance sector by previous administrations, and the Justice Dept. makes no signs of fixing that problem or even admitting it exists. In fact, financial institutions are even more consolidated coming out of this crisis.
- jdminhbg 17y agoMonopoly enforcement? Really? Which bank has a monopoly on which industry?
- arghnoname 17y agoI think it's the "too big to fail is too big to exist" theory he's talking about. If a financial company is backed by taxpayer dollars and everyone knows they won't be allowed to fail, as is certainly the case now for the consolidated powers, they can play Russian roulette but with the pistol against our temples. I'm not sure what percentages of control constitute a monopoly, but if you look at the definition of a trust, I'd say it wouldn't be outlandish to suggest that anti-trust enforcement wouldn't be out of hand. Even if you were so libertarian to be opposed to such things, rescue with breakup as opposed to rescue by free money and consolidation surely would have been preferable. The perhaps larger issue with the massively consolidated power in finance is regulatory capture.
- TrevorJ 17y agoThat would be what I am referring to, yes. Companies failing has, and should remain an important part of the business economy. When a company controls too many interests to be allowed to fail then this is evidence that the enforcement of laws that are already on our books has become lax.