Bottom line--the 99% need freedom from exploitation--not freedom from unions, taxes, and red tape.
True story: My husband worked in the credit card industry (information technology). My sister and several of our friends worked for big bank. At a time when articles said, "The banking industry is crying for consolidation," they were losing job after job after job. One became an executive recruiter because he figured he could make more money from all the people losing jobs than getting another job that would last a year...
My husband left the credit card industry (involuntarily--best two jobs he'd ever had) for safer industries. My sister retired much too early.
Those cries for consolidation? They're coming from the selfish and the sociopathic--not from the people. The people are crying for stability.
Freeing up the rich to exploit the poor – that’s what Trump and Brexit are about | George Monbiot
Not sure what article you are referencing that stated the banking industry is 'crying for consolidation', but the opposite has been true since the financial crisis of 2008. I think the article you are referencing would be an outlier opinion... Here are a few thoughts I have
1) Consolidation of the banking industry is due to government regulation. They actually forced banks to consolidate (think WaMu & J.P. Morgan/Chase).
2) If a company has to make layoffs IT is the first to go. It is a hard truth for your husband's line of work, but I have worked for fortune 500 companies and this has always been the case.
3) Since the 2008 financial crisis banks have been in a pretty tough position considering the new regulations enforced by the government. This means more 'regulatory' jobs added and less (in your case) IT jobs.
4) Banking industry is extremely complex and the governments attempt to control it has failed miserably (as witnessed by your OP). With federal funds rate at an extreme low for the majority of Obama's presidency this has caused consolidation in the banking industry because of a smaller rate of return. Think about a 3% interest rate on a billion dollars vs 3.5% (or 4-5) interest rate. Each .1% amounts to one million dollars. The funds rate isn't 100% correlated, but increasing it will allow new banks to enter the market. Note: a billion dollars on your balance sheet in assets would be terribly small for a bank.
Also, I did a quick internet search and this was one of the first articles. Just want to reiterate that consolidation is due to unions & government regulation. Not free market enterprise.
https://www.forbes.com/sites/steves...llion-jpmorgan-citi-bankamerica/#6ffb057cb539
@Greyy You don't know what you are talking about. The rich are going to make money where ever they can. That is a pre-requisite to being 'rich'. Unfortunately, it is Obama's fault that he let the rich exploit labor from other countries.
Imagine if you remove all trade regulations for imports from a communist country. You are essentially subsidizing the Chinese government, because we all know how well China takes care of their citizens. That's Obama era policies which was welfare for the world paid for by American's masked as "globalization".
Trumps goal to increase taxes on imports will reverse the exploitation of the poor because we will no longer be competing with cheap labor from China.