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.
Acting Homeland Security Secretary Kevin McAleenan has been accused of sabotage for allegedly leaking ICE to arrest thousands of migrant families who have been denied asylum in ten major cities. Trump tweeted that he is delaying the deportations for two weeks, at the request of the Democrats.
A Baptist pastor, Afhsin Yaghtin, was arrested and jailed after refusing to move across the street from the public library while exercising his right to free speech against a “Drag Queen Story Hour.” There was a strong police presence, including snipers on the rooftop.
The leaders in Ireland plan to use tax hikes, bans on fuel, and red tape to enact a new climate program that includes a scheme to force people out of their cars to reduce carbon emissions to zero by 2050.
Tucker Carlson says that the Republican Party seems out of sync with conservative voters because the Koch brothers, major funders of the GOP, actually oppose most conservative policy goals. The Koch brothers support open borders. And they have now joined the left-wing campaign against free speech.
An Australian study showed that some people, especially teens, are suffering from ‘text neck,’ which is muscle weakness that causes the body makes more bone on the back of the head to compensate. The new bone spurs will be passed down to future generations through epigenetics.
An American surveillance drone was shot down by Iranian forces and Trump was set to strike three sites in Iran but he reversed course after military leaders disclosed that 150 people would likely be killed. Trump wrote that it would not be a proportionate response to downing a drone that did not have anyone on board.
In October 2018, during the senate hearings for Judge Brett Kavanaugh, Capitol Police arrested 27-year-old Jackson Cosko of DC for “allegedly posting private, identifying information (doxxing) about one or more United States Senators.” Accused ‘doxxer’
The bill was poised to pass in the Senate until Republican lawmakers scattered outside the state to avoid being rounded up by troopers to avoid the scheduled vote. The Republicans are calling for the vote to be put on a ballot for the citizens to decide.
Senator Josh Hawley authored a bill to end immunity granted to tech companies under Section 230 of the Communications Decency Act that shields them from publisher liability lawsuits if the companies provide an open public forum. Unfortunately, the big tech companies have engaged in political censorship.
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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 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.
The Sydney Morning Herald reported that Bitcoin users across Australia are reporting that their accounts have been abruptly frozen by the country’s “Big Four” banks. Some users complain that the banks are describing their Bitcoin activities as a “security risk”.