“If Citibank and Bank of America were going under, that would be a problem.” I do understand, economically, why it would be a bigger problem if the “big” banks were going under. It’s the potential for losing that big a part of the pie, all at once. 100 “little” banks don’t have the same piece of the pie that one BofA does. Doesn’t this allude to the larger problem at hand?
How can smaller businesses grow when these “big businesses” have so much of a hold on the industry/market/business itself? In fact, 100 of them are poised to go under while Citibank, BofA, Chase continue to grow. Seems to me that this is another example of our media glossing over the fact that small businesses are unable to grow in our current economic climate.
The theme of this article seems to be: “Yeah, a lot of smaller banks are screwed, which means that the bailout money might not have helped as much as we thought it would, but thank goodness Citibank and BofA are ok!” Look, I’m clearly not an economy or banking expert, but something needs to be done…now. Can we please have some modernized financial regulations? Or, any regulations at all?
Read the Article at HuffingtonPost