Let every American, every lover of liberty, every well wisher to his posterity, swear by the blood of the Revolution, never to violate in the least particular, the laws of the country; and never to tolerate their violation by others.

As the patriots of seventy-six did to the support of the Declaration of Independence, so to the support of the Constitution and Laws, let every American pledge his life, his property, and his sacred honor; let every man remember that to violate the law, is to trample on the blood of his father, and to tear the charter of his own, and his children's liberty.

Let reverence for the laws, be breathed by every American mother, to the lisping babe, that prattles on her lap; let it be taught in schools, in seminaries, and in colleges; let it be written in Primers, spelling books, and in Almanacs; let it be preached from the pulpit, proclaimed in legislative halls, and enforced in courts of justice. And, in short, let it become the political religion of the nation; and Let the old and the young, the rich and the poor, the grave and the gay, of all sexes and tongues, and colors and conditions, sacrifice unceasingly upon its altars.

While ever a state of feeling, such as this, shall universally, or even, very generally prevail throughout the nation, vain will be every effort, and fruitless every attempt, to subvert our national freedom.


- Abraham Lincoln, January 27, 1838
  Address Before the Young Men's Lyceum of Springfield, Illinois

Monday, September 29, 2008

I read the news today - oh boy (Monday edition)

Breaking News Alert
The New York Times
Monday, September 29, 2008 -- 8:29 AM ET
-----

Citigroup Buys Banking Operations of Wachovia

Citigroup has agreed to buy Wachovia's banking operations for $1 a share, a move that that would concentrate power within the nation's banking industry in the hands of a few giant lenders.

A friend once predicted that the consolidation of American business would one day result in exactly three of everything; three banks, three drug companies, three internet providers, three phone companies... three choices, with little if any competition.

I wish this triad philosophy also included political parties.

From the New York Times:

The sale would further concentrate Americans’ bank deposits in the hands of just three banks: Bank of America, JPMorgan Chase and Citigroup.

Together, those three would be so large that they would dominate the industry, with unrivaled power to set prices for their loans and services. Given their size and reach, the institutions would probably come under greater scrutiny from federal regulators. Some small and midsize banks, already under pressure, might have little choice but to seek suitors.

Greater scrutiny... from our government? Federal regulators. Do we still have those? I thought they had all been outsourced to the banks and companies they were regulating.

Yes, I'm sure the prices will soon be set; undoubtedly well above our puny heads. Welcome to the new Gilded Age.

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