Giant Banks Own Airports, Control Power Plants, Hoard Vast Amounts of Commodities and Much More --

[xchrom]

http://www.alternet.org/economy/banks-are-buying-essential-lifelines-our-economy-and-jacking-costs-max-profits

Our Giant Banks Own Airports, Control Power Plants, Hoard Vast Amounts of Commodities and Much More -- How Can We Stop Them from Controlling the Lifelines of the Economy?

Giant bank holding companies now own airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts. They are systematically buying up or gaining control of the essential lifelines of the economy. How have they pulled this off, and where have they gotten the money?

In a letter to Federal Reserve Chairman Ben Bernanke dated June 27, 2013, US Representative Alan Grayson and three co-signers expressed concern about the expansion of large banks into what have traditionally been non-financial commercial spheres. Specifically:

[W]e are concerned about how large banks have recently expanded their businesses into such fields as electric power production, oil refining and distribution, owning and operating of public assets such as ports and airports, and even uranium mining.

After listing some disturbing examples, they observed:

According to legal scholar Saule Omarova, over the past five years, there has been a “quiet transformation of U.S. financial holding companies.” These financial services companies have become global merchants that seek to extract rent from any commercial or financial business activity within their reach. They have used legal authority in Graham-Leach-Bliley to subvert the “foundational principle of separation of banking from commerce”. . . .

It seems like there is a significant macro-economic risk in having a massive entity like, say JP Morgan, both issuing credit cards and mortgages, managing municipal bond offerings, selling gasoline and electric power, running large oil tankers, trading derivatives, and owning and operating airports, in multiple countries.

[KansDem]

1. Yeah, but it creates jobs, doesn't it?

Doesn't it?

[Laelth]

2. k&r for exposure. This is a serious problem.

Deregulation of the banks is a recurring disaster waiting to happen (again).

-Laelth

[Triana]

3. Recommend.

[Nay]

4. The banks and other cash-rich large businesses are buying up essential industries in

order to profit from them and control the general population when the bigger crash comes. And it will come. That's what they are pushing for -- a serious nationwide crisis during which they will seize complete control of the population and truly cement in economic fascism. If you think you are a slave now, just wait.

[Joe Shlabotnik]

5. DU rec.

Neo-feudalism is the end game of neo-liberalism.

[Quantess]

6. K & R

[Egalitarian Thug]

7. We've failed to lear any of the lessons regarding the excessive accumulation

of money and power. Now it will be taught to us again.
& R

Are we really this stupid, or are we simply insane?

[Initech]

8. Corporate deregulation has been such a success hasn't it?

[undergroundpanther]

9. fuck you reagan.

And fuck any asshole wanting to be 'lord' in a feudal slave based economy. Fuck elitism.Authority is an empty sound,we belive such stupid things like money is wealth. WTF !