Tightening the Noose

The Wall Street Journal reports that the banking industry has grown a bit smaller as three behemoths bought out three of their rivals.

Bank of America Corp., Wells Fargo & Co. and PNC Financial Services Group Inc. completed acquisitions of three rivals this week as the worst financial crisis since the Great Depression continues to roil and reshape the U.S. banking industry.

All three acquirers are expected to cut jobs as they digest their pickups.

As I understand it, proponents of our capitalist system say that the reason this economic system works so well is because of competition. With competing companies, they say, the consumer can best pick and choose which services each desires and also get the best bang for their buck.

It might sound like a plausible system to some, except for one tiny bug in the ointment -- these days the idea of competition is, more and more often, falling to the wayside. As each industry shrinks, consumers keep coming out on the short end of the stick.

Why, you ask? Because the great behemoths control more and more of the market and they get to dictate such things as supply and prices.

It's getting to the point in which I tremble each time I check the newspaper or an online news source. At the rate we're going, we may wake up one day to find that there is one bank or one office supply chain or one restaurant chain or one...