Okay, gotta share this because, damn, this article was so on the fucking ball that I'm both horrified and a bit like, "See, see, see."
Pointing and gasping, because of a lot of reason, the first being I wished this story was somewhere other than EBSCO so I could link to it but it's not. As it is, it's going into my term project in which I have to find one article that represents one chapter we covered this semester and what that article represents. I think I'm going to call this one prognosticating.
The commentary is called That tiger in your tank needs taming
, written by Hugh Jackson for the Las Vegas Business Press. I'm going to quote some things that I think need to be pointed out.
"Banks are merging with financial service firms and each other to the point that not just the nation's but the world's financial assets will be overwhelmingly concentrated within a half-dozen or so huge financial institutions. These megaliths are already becoming popularly referred to among the economic set as "too big to fail." That means that if they get in trouble by, oh, throwing too much money at real estate speculation abroad, and the speculative bubble bursts, they'll come crying to American taxpayers to shore 'em up."
"No doubt because it hasn't been explained by Rush Limbaugh and the fellow travelers on the Fox "News" Network, nobody seems to care how big the banks get. If, on the other hand, some congressman were to try to craft new regulations to protect the public from these behemoths or even -- gasp! -- stop the mergers, then Rush and his echo chambers that make up the national press corps would be quick to tell us how "burdensome" the regulations would be."
"The business world, or more accurately the corporate world, has adopted the position shared not only by promoters of the film Godzilla but also by Hollywood starlets while discussing Gary Cooper, i.e., size matters. Government's motto, on the other hand, seems to be "we're sorry we exist.""
You get the idea.
When was this written, you might ask. December 7, 1998.