It's a little bit buried in the news today, you know, with the Dow plunging 778 points today and all.. but Wachovia was bought by Citigroup this morning. Another one bites the dust.
I don't know jack shit about economics, but it seems that a handful of banks are buying up dozens (possibly hundreds by years end) of other banks. Does the idea of having 3 banking options seem weird to anyone else?
If we get service fees galore now with hundreds of competitive banking institutions, what will they do to us when there are 3 banks (that bought billions in "toxic mortgages" that they need to recoup) in charge?
Basically 3 dudes have been in charge of our economy for awhile (Paulson, Bernanke and Geithner) with little oversight and look how well that turned out.
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Is it a coincidence that the main fuckup in this country is none other than the big "W" himself?
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