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The second biggest bank in the country back then had $7.5 billion in assets, which would be about $63 billion in today’s dollars. That would put it about, oh, $2,135 billion ($2.1 trillion) behind the second-biggest bank today.
And it would land Ye Olde Chase Manhattan at No. 32 on the top banks list today, just behind BBVA USA Bancshares Incorporated, whatever that is.
Okay, but the economy has grown since 1955, you say. Well, let’s look at assets as a percentage of GDP. Chase’s assets in 1955 were 1.9 percent of U.S. GDP, which was $404 billion at the time.
The second-biggest bank in 2011 has assets of $2.2 trillion, while the U.S. has GDP of $14.7 trillion (last year). That means its assets equal 15 percent of GDP.
That second-biggest bank in the land today?
Yup, it’s JPMorgan Chase, it’s way too big to fail, and its astronomical growth is an emblem of the over-financialization of our economy.
Source: http://www.cjr.org/the_audit/1955_when_chase_wasnt_too_big.php
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