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Lockdowns: Big Banks' Further Market Consolidation - Further Aided by Big Government
We’ve long been chronicling the US’s devolution into Big Government-Big Business fascism.
The recent government lockdowns and power grabs - imposed under the guise of the China Virus - have only hastened this ongoing, awful convergence.
Of course Big Pharma got bigger. Because government was paying them tens (hundreds?) of billions of dollars to develop ineffective and dangerous vaccines - and many, MANY boosters. And then forcing us at gunpoint to take them.
Big Tech has certainly gotten exponentially bigger - and engaged in massive market consolidation. Because with We the People forced at government gunpoint to never leave the house - what else was there to do but waste away online?
Oh: And of course the Big Government bureaucrats weren’t going to miss out on the Big Pharma-Big Tech profiteering their authoritarianism was going to make inevitable.
Congress Invests Big in Pharmaceutical, Tech Stocks - April 27, 2020
These past two-plus government-addled years, it has been VERY good to be a Big Business. Big Banks have not missed out on the crony largesse.
“Branch closure rate doubled during the pandemic.”
It must have been a REALLY good year for it to be “golden” - given the many great bank consolidation years that followed Big Government’s Big Bank-crony 2010 Dodd-Frank law.
Why compete with small banks in the private sector - when you can easily out-lobby them in DC?
And now, having murdered the small bank industry, Big Banks are having Big Government go after their only remaining competitors: Payday lenders:
“A company that lends customers small amounts of money at high interest rates, on the agreement that the loan will be repaid when the borrower receives their next paycheck.”
These lenders serve people with very low incomes - and very bad or non-existent credit. To whom Big Banks will lend - NOTHING.
Payday lenders appeared in numbers only after the Big Government-Big Bank cabal succeeded in murdering the small banks - that used to lend to these low income-bad credit people.
And now bipartisan DC is looking to de facto murder payday lenders. Yes, embarrassingly, Republicans are also in on DC’s Big Bank game.
“The GOP’s DC assimilation continues (to reveal itself). And some Republicans are bragging about it….
“‘Grothman Introduces Bipartisan Veterans and Consumers Fair Credit Act (VCFCA):
“‘Congressmen Glenn Grothman (R-WI) and Jesus “Chuy” Garcia (D-IL) today introduced the bipartisan Veterans and Consumers Fair Credit Act (VCFCA).’
“What is the VCFCA? It’s a Socialist price cap bill. I.e. a rate cap on loans.”
Bad ideas never die - because governments keep reimposing them.
It’s not as if we haven’t previously, repeatedly tried government price caps:
“Price caps are - as always, everywhere and for everything - a terrible idea.
“‘Price Caps Are a Bad Idea’
“‘Price Controls – Bad Idea Whether Temporary or Permanent’
“‘Capping Energy Prices? Still a Bad Idea’
“‘Cap and Trade Primer: Eight Reasons Why Cap and Trade Harms the Economy and Reduces Jobs’
“‘Health Insurance Price Caps a Bad Idea’
“‘Drug-Price Controls: Bad Idea'
“‘Why Power Price Caps Are a Bad Idea’
“'Price Controls Cause Shortages:
“‘The imposition of price controls to deal with inflation is as illogical as would be an attempt to deal with expanding pressure in a boiler by means of manipulating the needle in the boiler’s pressure gauge. It is no less self-destructive, as well….
“‘The one consequence of price controls that is the most central and the most fundamental and important from the point of view of explaining all of the others is the fact that price controls cause shortages.”
A shortage of payday loans and their lenders - is EXACTLY what Big Banks want.
So Big Government is looking to give it to them.
Because why compete - when you can government eliminate the competition?
This is even more of just the sort of fascism that is our future.