"According to the Fed’s own data, it has approved 3,576 bank mergers, while denying zero merger applications, since January 1, 2006.
since 1999 he number of federally-insured banks and savings institutions has collapsed from a total of 10,220 to 4,978 as of March 31, 2021
But the decline in the number of overall banks fails to capture the gargantuan concentration of assets at just four banking behemoths: JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. According to the March 31, 2021 report from the Federal Reserve, just four banks own $9 trillion in assets of the total $22.56 trillion in assets owned by all 4,978 federally-insured banks and savings associations in the country.
To put it more poignantly, those four banks represent just 0.08 percent of all the banks in the country while controlling 40 percent of the assets.
In short, the Fed has effectively seized control of the nation’s economic future, transferring wealth from the farms, small businesses and factory floors of America to the trading floors on Wall Street, forcing the working class, in order to survive, to go deeper and deeper into debt on credit cards – which are conveniently owned by these same banks.
And not to put too fine a point on it, but the largest bank of all, JPMorgan Chase – which has racked up an unprecedented five felony counts from the U.S. Department of Justice in the last seven years for money laundering and rigging markets – owns $3.2 trillion of those assets while serving as custodian of a mind-numbing $29 trillion of other people’s assets.
In short, the Fed has effectively seized control of the nation’s economic future, transferring wealth from the farms, small businesses and factory floors of America to the trading floors on Wall Street, forcing the working class, in order to survive, to go deeper and deeper into debt on credit cards – which are conveniently owned by these same banks."
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