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Financial Safety?

January 31, 2010

from Baseline:

“It’s designed to make sure that we don’t end up with a system that some other countries have in the world, in which there’s enormous concentration in their financial sector. So it’s designed to constrain future growth. It’s not about reducing liabilities within — the share within the existing structure.”

The big four have 1/2 of the market for mortgages and 2/3 of the market for credit cards. Five banks have over 95% of the market for OTC derivatives. Three U.S. banks have over 40% of the global market for stock underwriting.

Obama has failed again.

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