“Too Big To Fails” Have Stopped Being Banks

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Who needs deposits when one has the Fed and taxpayers? Market mechanism? We don’t need no stinking market mechanism!

(From Zerohedge)

Banks don’t need deposits?   They’re not giving many loans?  Isn’t that what banks do?

If they’re not collecting deposits and making loans, what are they doing?

In reality, big banks aren’t really acting like banks anymore.  Big banks do very little traditional banking, since most of their business is from financial speculation. For example, we noted in 2010 that less than 10% of Bank of America’s assets come from traditional banking deposits.

The big banks are manipulating every market.   They’re also taking over important aspects of the physicaleconomy, including uranium mining, petroleum products, aluminum, ownership and operation of airports, toll roads, ports, and electricity.

Click here for the article.