Democrats like to claim they are the political heirs of Thomas Jefferson and Andrew Jackson but they either are ignorant of or dishonest about -- as well as confident that the rest of us will overlook -- the hostility of those estimable gentlemen to the concentration of financial power in large banking institutions.
With the financing and sponsorship of the federal government, the U.S. currently is undergoing a concentration of financial control in a few select hands in a way that the country hasn't experienced since Andrew Jackson, in the battle of his life, brought down the Second Bank of the United States.
Today, the Federal Reserve has arisen as the modern day version of that evil 19th century institution. It is the dominated handmaiden of the country's large money center and investment bankers. These institutions are benefiting hugely from having brought the nation's economy crashing down.
Look clearly at what has occurred:
* In the investment banking arena, Goldman Sachs was saved from collapse by an injection of taxpayer money from the public treasury. Its former competitors such as Bear Stearns and Lehman Brothers are gone, not having been the recipient of similar largess. They were allowed to fail and Goldman Sachs has been left standing alone, free from any significant competitors, atop and dominant in the investment banking field.
* In commercial banking, the big players -- Citibank, Chase, Bank of America, Wells Fargo, etc. -- also were rescued with injections of public monies. Their smaller competitors were not given similar governmental transfusions. The smaller ones have been collapsing and are continuing to collapse at a rate unprecedented since the great depression. As they approach failure, the government steps in and either hands them off, liquidates them, and/or sells their assets to one of the biggies . . . and the big players are increasing their market share.
The net result of all this is competition free dominance of the nation's finances by a few large players. It is no wonder they are able to pay back the money the government pumped into them.
They have reaped huge rewards from their past (and continuing) political bribes -- aka campaign contributions -- and the transgressions that impoverished the rest of the country.
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