 But think about how stupid this is. The United States has about 10 times more banks than any other developed countries on a GDP basis. That is, for the size of our economy, controlling for the size. Controlling for the size that were bigger than everybody else. We have 10 times more banks than any other country. Canada only has 13 banks. We have, in the United States, 5,000. Now, you'd think that having these 5,000 banks has been good for American banking and therefore, based on the Biden administration, therefore, we should keep them. But the fact is that because we've had so many banks in our history, the United States has had 13 bank crises. Canada, which only has 13 banks, has had zero bank crises. It turns out that having big, diversified, geographically and industry-wise, big banks is actually more stable, more chemically helpful, more competitive, better for everybody than having 5,000 little, dinky, little, fragmented banks all over. But no, that's not good. We need to give people choice. Now, think about choice as well. Think about what choice means here. We're going to say, basically, a debt industry. If you remember, I did a show on FinTech. I mean, banking is debt. How many of you go into a bank branch? I use my phone for almost everything. I mean, FinTech is the future. Technology is the future, not the little local bank at the corner, that's of the future. The future is depositing and lending and borrowing and working with large banks that have great technology platforms or banks that have no offices but only have technology platforms. That's the future. But God, let's not have the future while you're on tweet this. What should I tweet? What did I say that's tweetable? It's stunning. I mean, this is so regressive in every sense is to stop the consolidation in the banking business. But they want to slow down. They want to maintain choice. This is what I think is a bone he threw to Elizabeth Juan, who's big on these things. Now, the Obama administration passed a similar provision and nothing ever happened. That is, it didn't actually get put in place. So there's hope. But it's just so absurd and ridiculous. The whole idea that the government knows how much competition is right, what level of concentration is good. There's significant evidence today economically that we actually have more competition than ever. If you define the market segments, right? So yes, we don't have 20,000 banks. We only have 5,000 banks. But how many fintech companies do we have? How many companies that are not banks competing with banks on banking stuff? It's just so the ignorance, the stupidity. And it's not ignorance and stupidity at the end. It's powerless. And it's plain politics. It's throwing bones to your different constituencies. It's pretending like you care. And it's the same. The only difference is that the Republicans throw bones to constituencies I prefer. But there's nobody out there who believes in freedom and who advocates for freedom. Trump didn't believe in freedom and therefore had pro-freedom. It just happens that the people who he was throwing bones to are people who wanted him to deregulate. So he deregulated now because he believed it. Nobody believed it was good enough because he beloved capitalism and freedom in this country. He was just throwing them, he was just doing what a Republican is supposed to do and he was doing what some of the people who elected him expected him to do. And at the same time, half of the time, he was undermining all of that. He was undercutting it. So the White House today wants to ensure that small businesses and consumers have access to fair markets. Where is it that they don't? What are fair markets? How do you define fairness in markets? Who defines fairness in markets? Why should anybody? Truly, truly depressing. But this is gonna be, we're in for four years of chipping away, further away at our economic liberties. I really, really, really hope that the Republicans can retake the Senate or take the House or do something to present at least the stalemate in Congress so that anything Biden does, he does just like Trump through the regulatory agencies and therefore can be reversed quickly when somebody else comes into the presidency. And let's hope it's a non-Trump Republican who is worth something and will actually do a few good things. Somebody says, wrong, the problem with banks is they're not regular enough. Is that supposed to be a joke? Bill Clinton repealed Glass-Steagall 1999, which led to the 2008 recession. That is so ignorant and stupid. I've done a number of shows and written editorials on how all of that is wrong and bad. Particularly just wrong. Factually, Glass-Steagall had nothing to do with the financial crisis. And no other country has Glass-Steagall. That's just an interesting fact. All these countries that are the left admires like Sweden and Denmark don't have Glass-Steagall. They're banks of what are called universal banks. They do everything. Germany doesn't have Glass-Steagall. Japan doesn't have Glass-Steagall. Canada doesn't have Glass-Steagall. Germany doesn't have, I said Germany. France doesn't have Glass-Steagall. The reason Glass-Steagall was done away with by Bill Clinton was so that American banks could compete internationally. And again, Glass-Steagall had nothing to do with the 2008 recession. There's only one Glass-Steagall bank that got into trouble, and that was Citibank. A Glass-Steagall bank is a bank that does both commercial and investment banking. No other bank that does commercial and investment banking got into trouble except Citibank. It's just ignorant. It's just something that left those out there. They don't know anything about Glass-Steagall. They don't understand Glass-Steagall. They've never read Glass-Steagall. They have no idea how Glass-Steagall is implemented. They don't know anything about banking or about banking globally. They don't know anything about competition in banking. But they know Glass-Steagall was passed by FDR and Bill Clinton repealed it, and there was a financial crisis after that repeal. And what the hell, let's blame. I mean, I've been in debates in which this has been brought up, and those are easy debates, because that I can destroy in five minutes. It's such an easy one, because it's so, so unrelated to anything that actually happened in reality out there. It's just not true. What we need today, what I call the new intellectual, would be any man or woman who is willing to think. Meaning any man or woman who knows that man's life must be guided by reason, by the intellect, not by feelings, wishes, wins, or mystic revelations. Any man or woman who values his life and who does not want to give in to today's cult of despair, cynicism, and impotence, and does not intend to give up the world to the dark ages and to the role of the collectivist broods. All right, before we go on, reminder, please like the show. We've got 163 live listeners right now. 30 likes. That should be at least 100. I figure at least 100 of you actually like the show. Maybe they're like 60 of the Matthews out there who hate it, but at least the people who are liking it, I wanna see a thumbs up, there you go. Start liking it, I wanna see that go to 100. All it takes is a click of a thing, whether you're looking at this. And you know the likes matter. It's not an issue of my ego. It's an issue of the algorithm. The more you like something, the more the algorithm likes it. So you know, and if you don't like the show, give it a thumbs down. Let's see your actual views being reflected in the likes. 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