Remember too big to fail? The 2008 government bank bailout? That worked out really well. And today? 6 banks still run everything. Determine the global markets. Shape the American economy. Citibank, Bank of America, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo. Their CEOs say that they have ample liquidity available for lending this time around in a strange set of calls from Treasury Secretary Mnuchin. And we should believe them?
Mnuchin is forming a group including these six banks, the Fed and the SEC, the same assemblage as in the financial crisis of 2008. Calling it a “Plunge Protection Team”. Danger. Danger.
And. Oh yeah. Merry Christmas!