More government?  Costs the private sector more money.  In compliance costs, etc.  Which does more damage to small business than it does to Big Business.  Because the smaller you are?  The more debilitating is the time and money you are forced to waste complying with government.

This is (one of the reasons) Big Business - allegedly counterintuitively - lobbies for bigger government.  Because why out-compete your competitors?  When you can have crony government murder them for you.  At which point you swoop in and scoop up the competitors’ carcasses - and their market shares.

Speaking of cronyism, Government can deliver it by growing government.  Government can also deliver it by exempting their cronies from the grown government.

All of this (and more) has now thoroughly polluted the US financial sector.  Which is dominated not by the best companies delivering the best products and services.  But by the companies best able to warp Big Government to their respective whims.  

As I’ve stated for decades, Government doesn’t pick winners and losers.  It picks losers at the expense of winners.  The US’s dominant companies are horrible to consumers.  But they are great for government.  And that’s all that matters. 

The Big Banks in 2008 destroyed the global economy.  Big Government rewarded them for it with $29 trillion of our money.  Big Gov then let the Big Banks write the exceedingly awful Dodd-Frank law. Which murdered thousands of small banks. This allowed the “too big to fail” banks to keep getting bigger and bigger.  

Dodd-Frank created the exceedingly awful Consumer Financial Protection Bureau (CFPB).  Which is supposed to investigate “too big to fail” banks.  But instead spends most of its time hounding tiny Big Bank competitors like short-term lenders.

Big Gov massively grows government in the financial sector for its cronies?  And Big Gov exempts its cronies from its massively grown government.

Thanks to the Department of Government Efficiency (DOGE), we’ve learned an awful lot about the awful scams that are run rampant through non-profits/non-governmental organizations (NGOs).  All sorts of malfeasance can extrude therefrom.  Including the financial sector.  

Credit unions are non-profit banks.  So they’re…banks.  Competing against other banks.  But with all sorts of crony advantages.  

To wit: Non-profit credit unions don’t pay income taxes.  Or Unrelated Business Income Taxes (UBIT) taxes.

Credit unions get tax subsidies, too.  Between their tax and non-profit subsidies? It is estimated they scored $21 billion last year.

The government agency allegedly overseeing credit unions is the National Credit Union Administration (NCUA).  Except just like the CFPB does for Big Banks?  The NCUA gives credit unions all sorts of crony favoritism.

Non-profits are supposed to file Form 990s with the IRS.  To ensure they are continuing to be worthy of their non-profit designation.  Except that the NCUA has stopped requiring credit unions file them.

Oh, and credit unions charged $5.3 billion in fees in 2023.  And that’s the last year about which we will know.  Because the NCUA has stopped requiring they report those titanic takings.  

Like with the CFPB, the NCUA’s cronyism never sleeps.

Big Gov’s financial sector regulatory apparatus is huge, duplicative, duplicitous and obnoxious.  It needs the full DOGE treatment (which it has already started to get).  

DOGE declared the CFPB dead.  Let’s please make sure it is.  And that it stays that way.

President Donald Trump over the weekend fired two NCUA board members.  Good - but not DOGE enough.  He should eliminate the NCUA.  And have the Federal Deposit Insurance Corporation (FDIC) oversee credit unions too.

And while we’re at it?  Let’s please get rid of the unconstitutional, fake “independent” Federal Reserve.  Which has spent the last century-plus screwing up the entire financial sector.  And fold what little of use it actually does into the much-more-accountable Treasury Department.

The tiniest inklings of which…maybe began over the weekend…?:

“The Treasury Department is drafting recommendations for streamlining banking regulators like the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation…after concluding that the agencies and their workers likely can’t be merged without a green light from Congress.

“Treasury officials are expected to finalize those recommendations in the coming weeks, once the Senate confirms key nominees like Luke Pettit, President Donald Trump’s pick for assistant treasury secretary for financial institutions….

"Bessent’s ultimate agenda is one he’s already referenced in public remarks this month: claiming more control over how US banking regulators write the rules that govern financial institutions in order to make them less restrictive, including those written by the Fed.”

“Bessent’s ultimate agenda” is EXACTLY what is needed.  By the financial sector, and for the Big Gov regulatory regime lording over it.

Consolidation.  Elimination.  Accountability.  Sanity.  An end to cronyism.  Equal treatment under the law.

You know…Constitutional, limited government.