Writes Chris Polser:

Do you remember how Wal-Mart was treated when it applied for an industrial banking license? Opposition (led by the banking cartel) was massive, the FDIC put a hold on all applications, and there was a legislative threat from Barney Frank.

Yet just this week we have the near-instant approval of Goldman Sachs and Morgan Stanley becoming bank holding companies; no discussion, no debate, no questions asked.

What a system!