The Nomad Economist
Premiered Jan 13, 2022
Wall Street record highs in recent years, which were caused by the Fed’s accommodative policies, and big tax reform have seen the American banks as the primary beneficiaries. Just your normal rigged economy where those who control the money end up with most of it.
JPMorgan, Bank of America, Wells Fargo, and their peers have already reported record profits. While JPMorgan and Bank of America both had record years, Goldman and Citigroup had their biggest annual profits since the financial crisis.
The staggering profits, coupled with upbeat commentary about 2019, may ease fears that rate hikes and trade wars will bring an end to good times for the biggest banks.
America First, essentially proven itself in Wall Street First. And this led to the spiking of the profits of the big banks, which in 2019 have experienced exponential growth in recorded profits. Six banks alone made $ 120 billion in profits.
The unprecedented leap in the indices, which gained 30% on average in the fiscal year just ended, led to an increase in the leverage guaranteed by equity investments, a sharp revaluation of portfolios, and an increase in the fees received by the major US banks.
While economies crash worldwide, the parasite banksters engorge themselves at record levels, which is the whole reason for the crash in the first place. this is the year when the six biggest banks generated well over $120 billion in profit. — Yeah!
The super-rich is getting richer and richer while the middle-class is completely and totally disappearing. — and markets just had the worst October since 1930, worst November since 1930 and then the worst December since 1930. $100 Billion in profit, and they don’t even have to pay out interest on their saving deposits.
JP Morgan alone earned $ 36.4 billion in profit, beating the record for the most substantial profit recorded by a bank in a single financial year.
America of multi-billionaire Scrooges is driven by banks, the roaring engine of the new golden age of US finance. Finance that has now detached every berth that kept it tied to the real economy, feeding on repurchases of own shares by listed companies (buybacks), inflation of the indices linked to the permanent quantitative easing fielded by the Fed and the other central banks and colossal tax discounts.
JP Morgan’s winning recipe was the ability to ride the boom in “businesses and markets activities, which increased by 31% with immense profits on bond and fixed income trading.
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