Yellen: Some bank consolidation ‘wouldn’t surprise me’

The Hill ^ | 06/07/2023 | JULIA SHAPERO

[ChicagoConservative27]

Treasury Secretary Janet Yellen said on Wednesday it wouldn’t surprise her to see some bank consolidation in the near future.

“I see strength in the banking system that has a diverse set of financial institutions capable of satisfying different needs across our economy,” Yellen said on CNBC’s “Squawk Box,” adding, “We do have a diverse banking system with strong community banks, regional banks, larger banks that are involved in global business, and I wouldn’t want to see that threatened.”

However, she continued, “Certainly in this environment, some banks are experiencing pressure on earnings and there is motivation to see some consolidation and it wouldn’t surprise me to see some of that going forward.”

[ChicagoConservative27]

She is worthless

[Yo-Yo]

More 'bank consolidation?' From 4 major banks to 3?

Should we look forward to JPMorgan Chase Citigroup?

[MIchaelTArchangel]

From the woman who is surprised that printing money causes inflation.

[caww]

Yellen said...”there is motivation to see some consolidation”...

She knows exactly what that means and the direction it will take in time and tide. No surprise whatsoever.

[SaveFerris]

It will make a Federal Digital Currency easier with fewer

Eventually, a Global Digital Currency

/shiny side out

🛐🙏✝️

[Sirius Lee]

“I see strength in the banking system that has a diverse set of financial institutions capable of satisfying different needs across our economy,”

Yes, creating monopolies creates strength and "diversity". Can't have WEF's Gleichschaltung if smaller regional banks are still willing to do business with Christians and Conservatives.

[Boogieman]

Ain’t it funny how Congress empowered regulators to break up monopolies, but all they ever do is seem to encourage them?

[Republican Wildcat]

So decisive, isn’t she?

[Republican Wildcat]

Yellen says abortion good for economy

[NWFree]

Same dingbat that said nothing to worry about

[cgbg]

The average kindergarten kid has more wisdom than this clown.

[NWFree]

All that dingbat does now is point out the obvious damage

After it’s already occurring

[donozark]

Transient bank mergers.

[Pelham]

“Ain’t it funny how Congress empowered regulators to break up monopolies, but all they ever do is seem to encourage them?”

“Regulatory capture” and the revolving door between agencies and the businesses that they regulate.

Anti-trust has been a dead letter probably since the 1990s. This occurred when the Stupid Party (the GOP) and the Evil Party (guess who) got together to do things that are both stupid and evil in the name of bipartisanship.

One of my least favorite moves was the Telecommunications Act of 1996. That one effectively killed off small independent radio stations by allowing huge conglomerates like Cirrus and iHeart to buy up everything.

[Dr. Sivana]

New regulations and the way they are being implemented are EXTREMELY onerous, and are likely to knock a lot of old line local bankers out of the business altogether.

[John S Mosby]

Carol Channing of the Fed Reserve is a bona fide moron on any measure.

Consolidation to bigger (more buyable/faked assets) banks is NOT a sign of health in financial sectors. Hardly.

She went for 10 years with print your own and only give to the brokerage banks “Quantitative Easing” Easing of WHAT?

Then the printing and distribution of more money the US doesn’t have for.... covid.

How on earth did any of that consist of fiscal policy soundness propping up loaned money “banks” who sucked it up- spent it, didn’t call in loans they loaned with it and then went teats up. “Consolidation” from the trap they set with bait money. Same old crap.

[John S Mosby]

Carol Channing of the Fed Reserve is a bona fide moron on any measure.

Consolidation to bigger (more buyable/faked assets) banks is NOT a sign of health in financial sectors. Hardly.

She went for 10 years with print your own and only give to the brokerage banks “Quantitative Easing” Easing of WHAT?

Then the printing and distribution of more money the US doesn’t have for.... covid.

How on earth did any of that consist of fiscal policy soundness propping up loaned money “banks” who sucked it up- spent it, didn’t call in loans they loaned with it and then went teats up. “Consolidation” from the trap they set with bait money. Same old crap.

[mass55th]

Sometime toward the end of last year, Bank of America sold the AAA Credit Card to Comenity. They issued new cards to everyone. I also had a Bed, Bath, and Beyond Mastercard with Comenity. When BBB folded, they issued new cards, called it a Welcome Rewards credit card, but still had BBB in small letters on it. Today I got an email from Comenity telling me that as of July 31st, they are ending that credit card program, and all accounts will be closed. I don't have that many credit cards to begin with, but to have one of them change hands, and another be dissolved, tells me the economy sucks. I'm 75, had many credit cards over the years. I never had a Bank sell an affiliated credit card to another financial service, nor have I ever had a store affiliated credit card be discontinued. Must be a sign of the times.

[frank ballenger]

How about the People’s Socialist Collective Workers’ Bank?

Or bring back these old bank names:

As part of Mikhail Gorbachev’s perestroika program banks were formed, including; “Promstroybank” (USSR Bank of Industrial Construction), “Zhilstoybank” (USSR Bank of Residential Construction), “Agrobank” (USSR Agricultural Bank), “Vneshekonombank” (USSR Internal Trade Bank), and “Sberbank” (USSR Savings Bank).

[TexasM1A]

All part of the plan.
Destroy as many small and regional banks, roll them up in the to big toof fails, and then you can just freeze or hold everyone’s money if they piss you off.