David Cho of the Washington Post reports on the success of Wells Fargo, J. P. Morgan Chase, Citigroup and Bank of America in dominating the credit market, thanks to our government.
I have been screaming “No Bailouts!” for over two years.
However, the Banks appear to have bought both political parties, as I defy anyone to find “Change You Can Believe In” from Bush-Paulson to Obama-Geithner.
It may be a recession for the rest of us, but the Big Four are raking it in.
They now issue half of the new mortgages issued in the U.S.
Instead of rescuing bankers, many of whom should have been indicted for the criminal fraud they perpetrated, the government should have enacted judicial mortgage modification, to re-adjust the real estate market and clear out the losses on mortgages from all the bad bets the banks made.
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