The BB&T-SunTrust merger created the 6th largest bank in the United States, and another TBTF liability that tax payers could potentially be on the hook for in the event of another financial crisis.
Haven’t we learned our lesson yet? With the total interest payments charged by the big 4 banks now equal to almost 1/2 of the entire U.S. military budget, and 70% of the prime brokerage business controlled by 6 companies, shouldn’t we be looking for ways to reduce the size of these mega-banks, rather than make them bigger?
How are we supposed to stand up to something like this if they go rogue. Imagine Jack The Ripper sitting at a prop desk with an unlimited supply of money. Not a good combination!
Think about the influence these executives will have over our elected officials with all that money and power. They even sit on the board of the Federal Reserve branches. You wouldn’t wanna piss one of those guys off — that is for sure.
What makes this situation so much more dangerous than 2008 is that today the big tech corporations have the ability to just outright ban peoples speech. Who would of imagined a world where algorithms controlled by the mega-rich could instantaneously know what you write (or say), and automatically block you from spreading a message that they have deemed to be fake; and remember, this is without the need of a human observer.
What’s worse is that one of these big tech corporations, Twitter Inc., reported in their most recently filed proxy statement that their largest shareholders are the very big banks and investment funds that stand to gain the most from this increased conglomeration and unadulterated money-printing.
Are the algo’s going to go into full gear when this world record breaking bubble finally bursts? Will we even have a voice? It was online grass-roots movements that were responsible for exposing the egregious corruption at Monsanto; a true David and Goliath story, where an irate minority of highly informed and well organized citizens used the power of social media to force the truth about Round-Up into the national conversation — but will that be possible in the future? Considering the way things are going, probably not.
Isn’t it ironic that Twitter will indiscriminately ban a sitting congressman from their platform for posting a video of people protesting outside of his house, but when it comes to the most sadistic hardcore sadomasochistic BDSM porn one could possibly imagine — completely okay; just click yes when they ask if you are 18 years of age, and voila, you’re in! And if you think that’s like, a double standard or something, you’re probably just a conspiracy theorist. Everybody knows major multinational media conglomerates do no wrong, and this is exactly why big tech should ban “dangerous opinions” such as this from reaching people — obviously. It’s for our safety.
Maybe this is just our generations technocratic version of “let them eat cake”, or brioche, or whatever tickles your fancy, but just remember that as you eat, no talking about politics, and when the banks crash the financial system for the umpteenth time, just open pornhub and shut your mouth, they’ve got this under control — just like they did the last time.
Certainly nothing can go wrong with more concentration of financial power; things are different this time. Things have changed. It’s not the same as it was before. We’ve learned our lesson. Don’t you get it? We have AI now, and quantum computers; it’ll be a smart crash, just like your house, artificially intelligent, and when this greatest of all crashes finally does come to pass, the bankers will just tell us that everything is okay; this time we are only quantumly fucked into the 6th dimension, so technically we won’t feel the effects of their mass larceny for several lifetimes; and when the fed comes to save the day by printing trillions of more dollars that further dilute the value of your assets and life savings, they’ll have an even better name for the bailout this time too:”Quantumtative Untanglement”. The bankers will tell us that only a D-Wave could have been capable of predicting such a random event, and just like with the housing bubble, why it happened will be a complete mystery — spooky action at a distance — something us mere mortals are incapable of understanding.
But maybe there is no point in ranting at this point. It’s been 10 years now, so just enjoy the ride. The future is here, the future is now..