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Saturday, June 21, 2008

Another mega-bank mega-merger?

The Republican-style "free market" at work again. Americans everywhere are begging and screaming for the market to deliver a mega bank that will combine Wacovia and their 120,000 employees and JPMorgan Chase's 180,000. This is the banks looking for a new way to build mega-loans that have dried up since Wall Street was on the edge of a collapse so large, we had to bail them out. So now someone hopes to take two large banks that we couldn't afford to fail and create one that would have an ever larger negative impact if it failed and would be even more costly to bail out. Well, that and they get to fire tens of thousands of people after the merger.

Ain't this Republican free market stuff great?

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