A big hat-tip to Jr. Deputy Accountant for passing along this from the Washington Post.
The cogent bits include:
J.P. Morgan Chase, an amalgam of some of Wall Street's most storied institutions, now holds more than $1 of every $10 on deposit in this country. So does Bank of America, scarred by its acquisition of Merrill Lynch and partly government-owned as a result of the crisis, as does Wells Fargo, the biggest West Coast bank. Those three banks, plus government-rescued and -owned Citigroup, now issue one of every two mortgages and about two of every three credit cards, federal data show.
A year after the near-collapse of the financial system last September, the federal response has redefined how Americans get mortgages, student loans and other kinds of credit and has made a national spectacle of executive pay. But no consequence of the crisis alarms top regulators more than having banks that were already too big to fail grow even larger and more interconnected.
Now, let's review: What happens when any structure becomes top-heavy? Is there not a reason aircraft carriers and battleships have wide keels and only travel in deep water?
What happens to a society when too much power is concentrated into too few (and by definition, fallible) hands?
This phenomenon began years ago, to be fair to the current People In Charge. However, it has accelerated dramatically since January 2009.
We have to assume this is their view of the World As It Should Be.
Heaven have mercy on The United States.
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