It's a new era in banking with 3 giant monster-mega banks -- Citibank, Bank of America and Chase -- rising to dominate the financial landscape. Historically, we've had many banking choices in the United States to avoid concentration of financial power. Canada was really the first developed nation to go the giant monster mega-bank route. As part of the backlash, our neighbors in the Great White North also embraced credit unions like no other nation!

When all the financial mess settles down, Citibank, Bank of America and Chase will together account for about 1 in every 3 deposit dollars in the United States. The relative lack of competition means the banks have no incentive to offer good customer service. But you don't have to do business with them -- even though convenience is king for many people.

Clark thinks we need intense supervision of these 3 outfits so they can't get into any lending foolishness that could undermine our nation.

Meanwhile, Europe is facing 3 bailouts of its own during the last 36 hours. The most prominent has been the Benelux-funded rescue of banking and insurance company Fortis. There were also similar bailouts in Britain and Germany. So is the world on the verge of financial collapse? No, but we've got a lot of homework to do here and overseas.