'Economic Crisis'....MIHOP or LIHOP?

[Dover]

If you had a strategy of bank consolidation, how would you bring that about?



Just 3 ‘superbanks’ now dominate industry

... "Consumers are going to be victims of higher and more punitive fees,” Greenberg predicts.

Moreover, many analysts worry about how federal and state authorities, who were unable to prevent the current financial industry meltdown, will be able to monitor the new giant banks that combine a wide range of operations from investment banking to consumer lending.

“Large institutions are impossible to manage prudently, let alone regulate,” says Amar Bhide, a professor at the Columbia Business School.

In fact, existing federal banking laws say that no bank can have more than 10 percent of the domestic deposit market — a threshold recently surpassed by all three superbanks.

When asked whether the government would take any action, a Justice Department official was noncommittal.

“It’s always something we’ve looked at and will continue to look at," said spokeswoman Gina Talamona. "It’s something we’ve looked at as part of our general antitrust review.”

Cont'd

http://www.msnbc.msn.com/id/27441147

[aquart]

1. Or AssHOP.

[mikelgb]

2. the MIHOP admin

[CJCRANE]

3. From 9/11 (at the beginning of Bush's first term)

to financial 9/11 (at the end of Bush's last term)...

[Dover]

5. They have had plenty of help from the Dems

and they all eat from the same trough. I'm sure it would be political suicide to
do otherwise.

And Obama's recent endorsement of the bailout is troublesome...but still too early to tell.

[Ian David]

4. MIHOP. See "The Shock Doctrine." n/t

[Cessna Invesco Palin]

8. Wow, that's some fantastic doctrine.

It's working out so well for the Bushies.

[Ian David]

11. They were TRYING to time the collapse for after the election. n/t

[Cessna Invesco Palin]

13. Do you have any evidence to back up that assertion? n/t

[Ian David]

14. Nope. I don't.

But at least I'm honest about that.

[pampango]

6. Rush thinks it was MIHOP. I sometimes try to listen to him for 30 seconds (all I can stand)

and one day last week he was talking about the "so-called economic crisis" and how it was was a phony event concocted to help elect Obama. I couldn't listen for long enough to find out how his twisted mind has come up with the theory of how the economic elites of the country have conspired to elect someone who Rush portrays as a socialist. Oh well, I guess logic was never Rush's strong point.

[Dover]

7. Well perhaps you should read papers presented to IMF, World Bank and other such

institutions which outline this consolidation strategy very clearly. They are available
online, so have at it. Maybe you will find it a better source than Rush.


We'll see how it ultimately plays out. I'm guessing there are some very high level
battles going on that transcend politics.

[pampango]

15. Thankfully, I don't rely on Rush for factual information, just "opposition research"

(and then only for 30 seconds on days when I am feeling strong). But thanks for your constructive (?) suggestions on what to add to my reading list, so that I can become as well-informed as yourself.

[Dover]

20. Glad to help.

:hi:

[leftofthedial]

9. the "crisis" and bailout were an orchestrated theft

but the crash is inevitable. Capitalism is a pyramid scheme. It can't survive without some "free" resource to exploit or without government welfare.

[gollygee]

10. I think it's just GREED

take what they can get for as long as they can until the system falls apart, who cares about anybody else

[arcadian]

12. Didn't you get the memo? No more conspiracy theories from the left.

They served a purpose for 8 years, but they will no longer be tolerated. I guess this post deserves this as well:

:tinfoilhat:

http://www.afterdowningstreet.org/node/37245

The End is at Hand (to Leftist Conspiracy Theories)


By Dave Lindorff

With the polls continuing to show Barack Obama holding a steady or even growing lead heading into Election Day, especially in the key swing states of Pennsylvania, Ohio, Florida, Colorado, New Hampshire and Virginia, and with Democratic challengers looking strong in at least 10 Senate races and dozens of open-seat or Republican-held House races, it’s looking like this will be a big win for Democrats, both in the presidential and the Congressional races.

Hopefully one thing such an across-the-boards win will lead to would be a withering away of the self-destructive conspiracy-theory paranoia that has gripped much of the Left over the last eight years.

more

[Cessna Invesco Palin]

18. Many of them weren't from "the left" to begin with.

You should see what the twoofer crowd has to say about Obama. They don't dare speak it on DU, because they know they'll get banned.

[arcadian]

21. That's because they have Alex Jones as their spokesperson.

No surprise that he's showing his true colors. His shit is rooted in the old time rightwing conspiracy theory of yore, the Liberty Lobby, Behold a Pale Horse, None Dare Call it Conspiracy and the John Birch and Phylis Scheafly crowd, etc.

[Dover]

22. So now the National Consumer League's concerns about 'consolidation'

are also conspiracy?

Those quoted in the OP article have REAL concerns about what's happening with the banks.
And it sounds like they aren't getting any serious answers in return.

[The2ndWheel]

16. NIICOTTAEWEBPRWNSCU...OP

Nobody Is In Control Of This Thing And Everyone Wants Everything But Physical Reality Will Never Stop Chasing Us...On Purpose.

[seemslikeadream]

17. Mission Accomplished

[LanternWaste]

19. Is greed and lack of regulation LIHOP or MIHOP?

Is greed and lack of regulation LIHOP or MIHOP?

The Savings & Loans Industy of the 1980's would like to know...

[frickaline]

23. neither ... TDTKIWH

To Dumb To Know It Was Happening.

They all thought "the market will heal itself provided it is free of regulation". HMmmm... maybe not.

[Dover]

24. The nation's top three banks now control more than 32 percent of U.S. deposits,

more than the top five controlled a year ago.

Bank of America Corp. $719.8 billion 11.3 percent
2 Wells Fargo & Co. $711.5 billion 11.2 percent
3 JPMorgan Chase $649.3 billion 10.2 percent
4 Citigroup Inc. $223.6 billion 3.5 percent
5 PNC Financial Services $179.8 billion 2.8 percent


In fact, existing federal banking laws say that no bank can have more than 10 percent of the domestic deposit market — a threshold recently surpassed by all three superbanks.

-------

How much more explicit can it be? They are breaking federal banking laws.