To begin: Price caps are totally and completely stupid – any and everywhere.The Latest from Seton Motley is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. However, this obvious fact - is not germane to the point I am making today.
It will probably be even worse. When they passed Dodd Frank, neither the congresscritters nor their flunkies had any idea what the policies or procedures of a bank was, so they subcontracted the writing of the law to their kingpins (the big banks.)
The mega banks wrote the laws to enable themselves to hide their fleecing of John Q Public at the same time that they made compliance for basic operations for ordinary banks ridiculously expensive. It's the reason we are still seeing the consolidation (which results in more collusion and less consumer choice) in the banking industry.
This is exactly what the Congress and regulators want, as a half dozen huge banks are much easier to control than 10,000 small banks.
Destruction of our financial choices is their aim.
It will probably be even worse. When they passed Dodd Frank, neither the congresscritters nor their flunkies had any idea what the policies or procedures of a bank was, so they subcontracted the writing of the law to their kingpins (the big banks.)
The mega banks wrote the laws to enable themselves to hide their fleecing of John Q Public at the same time that they made compliance for basic operations for ordinary banks ridiculously expensive. It's the reason we are still seeing the consolidation (which results in more collusion and less consumer choice) in the banking industry.
This is exactly what the Congress and regulators want, as a half dozen huge banks are much easier to control than 10,000 small banks.
Destruction of our financial choices is their aim.