We are in « Earnings Season » and who comes out best ?
JP Morgan, whose environment has seen most of the competition wiped-out (courtesy of the FED etc)
Goldman Sax : same thing, plus all the debt issued by the US.
Seems like Barry O has at least assured himself of campaign financing for Protected content , and I propose Goldman for the Nobel Prize for Politics !
Looks like Wall Street is in for a big rally !
More seriously isn’t it time to think about the break up of the big banks (who have been growing by acquisition these past 20 years) ?
Of course the banks are not the cause behind the crisis, there blame is better laid at the feet of the (democratic) congress of Protected content 2008, when the signs were there for all to see, and pointed out plainly to Congress by of all people George W, and McCain, and even Greenspan, and thrown out by the present Chairman of the House Finance Committee among other fervent believers in Fannie Mae and Freddy Mac…
BUT it is clear that some of the big banks are the biggest beneficiaries of the crisis, and some of their staff will become quite rich these next few weeks.