As a draft of the Volcker rule has made the rounds in the last several weeks, it has alternatively caused fits of despair and cries of exultation. And that’s just among the proponents of the regulation.

Since emerging as one of the country’s largest banks, Wells Fargo has continued to let its numbers speak for themselves. That may not be such a good thing.

Warren Buffett’s $5 billion investment in B of A is hardly a confidence booster.

What was made can be unmade.

JPMorgan Chase and Wells Fargo may have venerable names, but they and the pseudo-venerable Citigroup and Bank of America are all products of countless mergers and agglomerations.

There is no rule of markets that requires a financial system dominated by four cobbled-together, lumbering behemoths.

The federal government, in ways explicit and implicit, profoundly subsidizes and shelters the banking industry, and the protection is so well established that we barely notice it anymore.