Bernanke: ‘Too-Big-To-Fail’ Must End:

The almighty money/greed serpent will  someday swallow up the earth.

Arrogance, greed and mismanagement are three of the major factors that will eventually bring down not only banks but cities, states, countries of the world. History has proven that.

If the federal government continues to bail out these mega-spenders with taxpayers’ money, why should they worry?

Federal Reserve Chairman Ben Bernanke minced no words Friday on the issue of “too-big-to-fail” banks, saying financial institutions large enough to threaten global economic stability need to be broken up.

“I think that too-big-to-fail is a very big issue,” Bernanke said in a speech in Chicago. “We will not have completed the goals of regulatory reform if we have not adequately addressed the problem”.

The chances of these banks chopping up the pie are slim to none. Nobody ever wants to give up control or relinquish their power. Money is power.

These four U.S. banks, J.P. Morgan Chase, Bank of America, Citigroup and Wells Fargo & Co. are bigger now than before the crisis hit. The next time the ax falls it will be a lot uglier than the last financial crisis.

I read a hypothetical piece a few years back that stated; in the future there will be three banks, three major oil companies, three major grocery stores etc. that will control the markets. That is not a good thing. Not only because of their potential failure but because they can control the prices of their products. Competition is the best thing the citizens of the world have going for them.

The least number of conglomerates that control all the purse strings in the world, the worse off it is. If there are 10 in each category and 2 fail there are 8 more to pick up the slack. If we have 2 in each category and they both fail there is nothing. That just maybe the way the world is heading.

I hope that they listen to the bald guy with the beard but I doubt it.