The banks are the proximate cause. If they did not do these things, they would not happen. Their moral culpability cannot be excused. The banks, like most other big businesses today, have entered into a symbiotic relationship with big government. Both benefit. There banks have enough political power that if they wanted to, they could fight back. Just like the oil and gas companies could have fought back agst green energy. Just like pharmeceutical companies could have fought back agst OnamaCare. And manufacturers in Texas agst high property taxes. But they all CHOSE not to. Because these Big Businesses thought they could benefit more, i.e., reap higher profits, in partnership with Big Government. They decided they didn't want free enterprise because it was easier to use rent seeking to enhance their profits rather than do the hard work to convince consumers in a free market to give them their hard earned money. I have no problem with them having to suffer the consequences of their actions. Although I do agree there would be a problem if the regulatory structure coming out of this turns out to be long term. A major consideration here is that Trump can only do so much. He is getting ZERO help from Congress or the Courts. Yet changes have to be made. Those of us committed to the free market need to be patient and work with the Trump administration to help make sure things come out correctly on the other side of this major correction.
Banks aren’t blameless—they’ve too often cozied up to Washington for protection and profits. But the root problem is big government’s control over one of the most regulated industries in America.
The Fed, FDIC, CFPB, and Treasury distort incentives so banks serve regulators, not customers. That’s why Trump’s Fair Banking EO won’t work without deregulation.
Ban political pressure to debank lawful customers, then cut the rules and red tape that make rent-seeking the easier path than competition. More markets, less Washington—that’s how people prosper.
The banks are the proximate cause. If they did not do these things, they would not happen. Their moral culpability cannot be excused. The banks, like most other big businesses today, have entered into a symbiotic relationship with big government. Both benefit. There banks have enough political power that if they wanted to, they could fight back. Just like the oil and gas companies could have fought back agst green energy. Just like pharmeceutical companies could have fought back agst OnamaCare. And manufacturers in Texas agst high property taxes. But they all CHOSE not to. Because these Big Businesses thought they could benefit more, i.e., reap higher profits, in partnership with Big Government. They decided they didn't want free enterprise because it was easier to use rent seeking to enhance their profits rather than do the hard work to convince consumers in a free market to give them their hard earned money. I have no problem with them having to suffer the consequences of their actions. Although I do agree there would be a problem if the regulatory structure coming out of this turns out to be long term. A major consideration here is that Trump can only do so much. He is getting ZERO help from Congress or the Courts. Yet changes have to be made. Those of us committed to the free market need to be patient and work with the Trump administration to help make sure things come out correctly on the other side of this major correction.
Banks aren’t blameless—they’ve too often cozied up to Washington for protection and profits. But the root problem is big government’s control over one of the most regulated industries in America.
The Fed, FDIC, CFPB, and Treasury distort incentives so banks serve regulators, not customers. That’s why Trump’s Fair Banking EO won’t work without deregulation.
Ban political pressure to debank lawful customers, then cut the rules and red tape that make rent-seeking the easier path than competition. More markets, less Washington—that’s how people prosper.
You're up to late! I don't disagree. But our beef should be with Congress first, then banks. Not Trump.