Regions and AmSouth banks are merging, just two years after Wachovia absorbed SouthTrust bank. In the Wachovia/SouthTrust merger, at least 2000 jobs were lost, and even more will probably be lost in this latest monopolization.

According to the Birmingham News, the bank representatives have said that one reason is to save money by firing workers. Apparently, this statement was made from either a golf course or an executive jet..

Adam Smith in An Inquiry into the Nature and Causes of the Wealth of Nations, pointed out that, without government regulation, corporations will move toward monopoly. He is not quoted for this by bankers and their lackey economists, but he predicted it clearly.

The Bush administration has rubber stamped every monopolistic merger that has come along, and now that the Bush administration is coming to an end in two years, corporate monopolists are on a merger craze, trying to get them in before the Democrats get back in the White House and possibly do something to thwart this unchecked greed. Meanwhile, workers with good jobs are being fired and the nation is rapidly moving into a plutocracy - rule by the rich.

Teddy Roosevelt, a Republican, saw the problem when he was elected in 1900, and moved to increase government regulation on corporations, as well as break up the most monstrous of monopolies and trusts. In contrast, the Bush administration is violating this Republican program by being a lapdog for the banks and corporations.

The Democrats need to be returned to Congress in this year’s elections and the White House in 2008 to institute the conservative Republican program of Teddy Roosevelt.

Ironic, isn’t it?

Jack Zylman
Southside, Birmingham

Regions Financial, AmSouth Bank Continue Merger Mania

Tags: Letters to the Editor

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