JPMorgan, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs reported more than $111 billion of profit for 2018 due to the Fed’s payment of interest on reserves, rising interest rates, a jump in deal making,a retail-banking boom, and Trump’s tax cuts, [Banking is an amazing business.It collects interest by loaning money created out of nothing, when it hits hard times it is bailed out with tax dollars, and when it is riding high, it enjoys incredible tax breaks. It loans money to governments, but it’s the taxpayers who guarantee repayment and pay the interest. And since he who pays the piper calls the tune, it controls governments instead of governments controlling the banks. Yes, a very amazing business.] -GEG
One may not know it by looking at banker bonuses last year, but 2018
was a banner year if only for bank shareholders and upper management: this is the year when the 6 biggest banks generated (well) over $100 billion in profit.
They can thank Trump’s tax cuts, the Fed’s payment of interest on
reserves, rising interest rates, a jump in dealmaking and a
retail-banking boom (if not so much the “bad volatility” that resulted
in a plunge in fixed income, currency and commodity trading fees).
As Bloomberg first noted, JPMorgan, Bank of America, Wells Fargo and
their peers have already reported more than $111 billion of profit for
2018, and Morgan Stanley will complete the money-center picture tomorrow
when it releases its fourth-quarter results Thursday and only makes
this number bigger.
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.
The Trayvon Martin case was fabricated around his final phone with his girlfriend, Diamond Eugene, that falsely portrayed the shooting as a racial attack. Evidence points to Trayvon as the aggressor. The real Diamond Eugene never testified at Zimmerman’s trial, as a fake witness was substituted in her place.
Stone was not allowed by Judge Amy Berman Jackson, an Obama appointee, to demand proof that Russia did indeed hack the DNC computers. Attorneys for Stone contended that if the Russians did not hack the DNC computers, the case against Stone would have had to be dismissed.
An anti-ICE protester took a plea deal and a three year prison sentence after using a flag pole to attack a 60-year old disabled man. According to court papers, Pierce told jailers that he uses THC daily and LSD intermittently. He said he was homeless and living off food stamps.
The city of Denver is following liberal policies and refuses to enforce laws against trespassing, camping, and public defecation. Denver contends that if the trash is on Bayzar’s property, it is his responsibility to clean it.
After months of debate, the law was passed despite opposition. The measles vaccine in Germany is only available as a triple shot, and will also indirectly make immunization against measles, mumps and rubella, and in some cases chicken pox obligatory.
A 16-year old Asian student, Nathaniel Berhow, is the suspect in a shooting at Saugus High School that killed two students and left more injured. Reports indicate there is video evidence that the suspect turned the handgun on himself and is in ‘grave’ condition.
A federal court ruled that suspicionless searches of travelers’ electronic devices by federal agents at airports and other US ports of entry are unconstitutional. Border officers must now demonstrate individualized suspicion of illegal contraband before they can search a traveler’s device.
Documents allegedly leaked by the Ukrainian General Prosecutor’s office to CD Media show payments of $3.5 million from Burisma Holdings to Rosemont Seneca Bohai LLC, a corporation controlled by Hunter Biden’s partner, Devon Archer. Both Hunter Biden and Archer sat on the board of Burisma, the Ukrainian gas company.
The court’s decision allowd plaintiffs to go after the gun manufacturer, claiming the weapons were marketed and advertised as “military-style” arms to civilians to kill their enemies. This could lead to the end of the manufacture of guns.
In 2020, offenders will be released without cash bail for most misdemeanor charges and multiple felonies, including criminally negligent homicide, drug sales, aggravated assault on a child, and burglary. Criminal justice reform ignores the rights of victims.
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Three systems theorists used a database listing 37 million companies and investors worldwide to map their economic power. The researchers discovered that global corporate control has a distinct bow-tie shape, with a dominant core of 147 firms, mostly banks, that control everything.
The Federal Reserve raised the interest rate one-quarter of a percent. In response, the US dollar dropped by 1%, gold rose a bit, and stocks skyrocketed. Debt is soaring while the GDP is falling, which is the forerunner of inflation and depression at the same time.
The stock market has been rocked ever since the October 3rd speech by Jerome Powell, Chairman of the Federal Reserve, when he promised to continue hiking interest rates. The stock market has dropped by 4,500 points, and over $5-trillion has been erased from US equity values.